Ethereum price will rise to break above the EMAs and retest the $320 and $340 resistance levels if the $200 support level holds. What more? The following technical analysis explains.
Ethereum Price Technical Analysis
In retrospect of the past week, Ethereum (ETH) was in a bearish trend but was trading below the 12 and 26-day Exponential Moving Averages (EMAs). On June 27, ETH bulls met resistance at the $325 price level as the price dropped to the support of the EMAs. Ethereum price was ranging above the EMAs before the bears break below the EMAs. The price of Ethereum has declined and is below the EMAs which is an indication that price is likely to decline.
On July 16, the downward trend was corrected as the ETH price dropped to the support of the $200 price level. On the upside, if the $200 support level is holding the price of ETH will rise to break above the EMAs and retest the $320 and $340 resistance levels. On the downside, if the $200 support level is broken Ethereum price will decline to the low of $150 or $175 price level. The Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line, indicating a sell signal.
ETHUSD Price Short-term Analysis
Looking T the 1-hour chart, ETHUSD price is in a bearish trend. The 12 and 26-day EMAs are sloping horizontally. On July 20, ETH bulls rose to a high of $235 but declined below the EMAs at a low of $217.The MACD line and the signal line are below the zero line which suggests a sell signal.
- Resistance Levels: $280, $300, $280
- Support Levels: $200, $180, $160
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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