Ethereum has seen a remarkable price increase, which totals more than 105% over the past 90 trading days, bringing the current price for the cryptocurrency up to the $245 level. The cryptocurrency has seen a further 23% price increase over the past 7 trading days alone as Ethereum now holds a $26.11 billion market cap valuation.
In this article, we will take a look at the potential for Ethereum to rise and reach the $350 level by the end of Q2 2019. For Ethereum to rise to the target of $350, the cryptocurrency will need to increase by a total of 43% in just over 1 month and 1 week. However, taking into account the fact that Ethereum has surged by 38% over the past 30 days, it is not too outlandish to suppose Ethereum might increase by 43% and reach the $350 level before the end of June 2019.
The last time that Ethereum was at $350 was on August 10, 2018. Ethereum will need to overcome some major levels of resistance at $280 and $300 before being able to make an attempt toward $350. However, Ethereum has recently been performing well against Bitcoin itself, and if it can hold the support at 0.03 BTC, we can expect the market to turn around. This combined with Bitcoin breaking back above the $8,000 level will create suitable conditions for Ethereum to increase by 43% and reach $350 by the end of Q2 2019.
Ethereum Price Analysis
ETH/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Taking a look at the ETH/USD chart above, we can see that toward the start of April 2019, Ethereum managed to break above the 100-day moving average level and surge further higher into resistance at the 200-day moving average level around the $180 level.
ETH/USD experienced resistance at the $180 level during the entire period of April 2019. However, in May 2019, we can see that ETH/USD managed to climb even further higher to break above the resistance at the 200-day moving average level, and continued much further higher into resistance around $270.
Ethereum is now currently trading at support provided by a long-term bearish .382 Fibonacci Retracement level (drawn in red), priced at $247. This bearish Fibonacci Retracement level is measured from the July 2018 high to the December 2018 low.
What Is the Current Trend?
The current trend for Ethereum is bullish. For this bullish trend to be invalidated, we would need to see price action fall beneath the $200 level.
Where Is the Resistance On the Way Toward $350
If the bulls can resume their bullish pressure and start to push ETH/USD higher, we can expect immediate resistance above the market to be located at $170 and $180. Above $180, further higher resistance is then expected at the bearish .5 Fibonacci Retracement level (drawn in red), priced at $298.
If the buyers can continue above the strong resistance around $300, further higher resistance is then to be expected at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue), priced at $315 and $334.
If the bulls can then clear the $334 level, they will be free to make an attempt at the target level resistance provided by the bearish .618 FIbonacci Retracement level (drawn in red), priced at $349-$350.
Above $350, further resistance can be located at $357 and $361.
Where Is the Support Beneath the Market?
Alternatively, if the sellers start to push the ETH/USD market lower, we can expect immediate support below at $240, $228 and $213. If the selling pressure continues to push the market further lower then more support can be found at $200, $193, and $176.
What Are the Technical Indicators Showing?
The RSI has recently started to fall from overbought conditions, which indicates that the bulls are starting to run out of momentum. However, if the RSI can remain above the 50 level during the retracement and rebound higher, we can expect ETH/USD to continue further higher and head above $300.
Conclusion
Ethereum most certainly can rise to the target $350 level before the end of Q2 2019. However, it will not be easy. Reaching the $350 target level largely depends on ETH/BTC being able to maintain itself above 0.03 BTC, and Bitcoin continuing to rise back above $8,000. However, if this does occur we can expect ETH/USD to rise and reach the $350 target level before the end of June 2019.
On the way up, the bulls will need to contest resistance at $270, $280, $300, $315, and $334 before being clear to attempt the resistance around $350. However, after considering that Ethereum has surged by 39% over the past 30 days and over 100% over the past 90 days, if the bullish run continues, we can expect ETH/USD to hit $350 within the month.
