Here’s Why Ethereum (ETH) Recovered Sharply, and Will Continue to Surge Higher

The digital currency markets just saw a sharp price increase after trading in the red for almost two days. Almost all the top ten digital currencies in the market are now trading in the green. Some digital currencies are also posting double-digit gains over the past twenty-four hours.

Over the past day, EOS (EOS) is the highest gainer with more than 11 percent increase. Many in the crypto space have been asking “will Ethereum recover?” With the various Ethereum prediction 2019 by top analysts, Ethereum might recover significantly in the short term.

Bitcoin (BTC), which is the highest digital currency by market cap – is also recovering gradually. There is an imminent Bitcoin bull run that requires a little bullish momentum to kick-start. Many analysts and experts have also given their Bitcoin price prediction 2019, but a Bitcoin bull run is yet to be seen.

With the improvements in Ethereum, some Ethereum price predictions 2019 might come to pass in the short-term. However, the market still lacks enough traction to start a rally like the 2017 Bitcoin bull run.

Ethereum Price Prediction 2019 – Ethereum Price Analysis

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$142.73
-1.59%

Ethereum (ETH) recently found strong support close to the $134 mark before it started consolidating higher. It appears that a massive Ethereum bull run is in view, and the bulls are back in control. While many expect a massive Ethereum bull run, the digital currency is yet to break over its major resistance point.

Ethereum price declined towards the $132 mark before it surged higher and formed support close to the $134 mark. He digital currency continued its upward movement and broke the $136 and $137 hurdle points. In its move into a positive zone, Ether broke the 61.8% Fibonacci retracement level of the previous swing from the high of $138 to the low of $132.

The digital currency also broke over a connecting bearish trendline with hurdle at the $135. Ethereum price even surged over the 76.4% Fibonacci retracement level of the previous swing from the high of $138 to the low of $132 and hit the $139 hurdle point. At the moment, Ethereum price is hovering around the $138 and $139 resistance zone.

Ethereum (ETH) Short-Term Price Prediction

The immediate resistance point of the digital currency is the $140 level. The near-term Ethereum price prediction suggest that Ethereum will test the $150 level soon. However, that can only happen if Ethereum breaks over the $140 level comfortably in the next twenty-four hours. After the $140 level, the next stop for buyers is at the $145 level. This is another major resistance the digital currency needs to break in order to fulfill the short-term Ethereum price prediction.

On the downside, the immediate support of the digital currency is at the $138 level. However, the major support of the coin is at the $136 mark. A plunge below this level might result in further losses towards the $134 mark again.

At the time of writing, Ethereum price is $139 after adding gains of about two percent over the past twenty-four hours. The current market cap of the digital currency is $14.43 billion according to CoinMarketCap. The trading volume of the digital currency over the past twenty-four hours has risen to a record high of $7.31 billion. With the bullish Ethereum price predictions out there, Ethereum might break over its major hurdle point in the near-term.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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