Ethereum (ETH) Starts a Sharp Price Rally As the New Month Begins

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The past weekend was very bearish for almost all the digital currencies in the cryptocurrency market. The values of all the top digital currencies plunged deeply, leaving them all in the red. Bitcoin (BTC), which was trading over the $5,600, plunged towards the $5,200 level. The price of XRP also plunged deeply below the 30 cents mark.

The price of Ethereum wasn’t left out, as it tested a new monthly low below the $160 level. However, a new week has started, and almost all the digital currencies are now recovering. Ethereum USD live price has now recovered significantly over the $160 level. Will the price of Ethereum hit the short-term Ethereum price prediction 2019?

When Will Ethereum Price Break the Short-Term Ethereum Price Prediction 2019

The price of Ethereum (ETH) has been stuck below the $180 level for quite some time now. Recently, there is no much bullish Ethereum news today to act as a catalyst for the price of Ethereum. The upward movement of the digital currency has been pretty slow, and it looks a bullish Ethereum news will go a long way. Ethereum price forecast 2019 is pretty bullish, but the digital currency is not showing any signs of testing that level soon. However, what is more viable at the moment is the short-term Ethereum price prediction of $180.

Ethereum Price Analysis – Ethereum Price Prediction 2019 – Ethereum Price Forecast – ETH USD Live Price

The price of Ethereum recently started a decent rebound against Bitcoin (BTC) and the US dollar. The digital currency started this decent move yesterday. ETH USD price started an upward trend and broke over the $154 and $155 resistance levels. After settling over the 100-hourly simple moving average, Ethereum gained more traction and ETH USD price broke over the $158 resistance level and the swing high of $159. This paved the way for more gains over the $160 mark and the 1.236 Fibonacci retracement of the previous swing from the high of $159 to the low of $150.

Ethereum (ETH) continued its upward trend and traded over the $165 level and formed a swing high close to the $168 level. The digital currency is presently hovering around the $169 level. The immediate support of the digital currency is at the $164 and the 23.6 percent Fibonacci retracement level of the previous swing from the low of $150 to the high of $168.

If the price of Ethereum breaks below the $164 support level, the next of the digital currency is at the $160 level. There is also a formation of a bullish trend line with support at the $158 level. This could prevent further losses. If the price of Ethereum breaks below this level again, the $156 support level is also there to prevent further losses.

However, the price of Ethereum seems to be recovering higher, and not correcting lower. ETH USD price is heading for the $172 resistance level. A break over this level will push the digital currency towards the $176 and $178 resistance levels.

Ethereum (ETH) Price Today – ETH / USD

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At the time of writing, ETH USD live price is $167 after an increase of about three percent over the past twenty-four hours. The current market cap of the digital currency is $17.01 billion. The trading volume of Ethereum over the past twenty-four hours is $7.60 billion.

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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