Price Analysis

Ethereum Price Analysis: ETH/USD Will Drop To $215

ethereum forecast

Ethereum (ETH) cryptocurrency exchange rate did not stay in the range above $ 230 and began to fall again. Therefore, ETH/USD should become cheaper by $ 215 by July 9th.

Key Points

  • The dynamics of ETH price changes did not go beyond the upward trend that arose on June 28.
  • A bearish trend line has formed on the hourly chart with resistance at around $ 230.
  • The nearest support barrier is located at $ 225.

This week, ETH/USD rose from $ 218 to $ 233 (Bitstamp data). However, buyers failed to build on success, and on July 2, the digital asset began to dump again. Of the positive aspects, it is worth noting that the Ethereum rate did not break the line of the upward trend. Therefore, if ETH/USD does not fall below $ 227 in the next session, then a bullish trend may persist in the market.

ethusd1

Nevertheless, over the past month, the coin is gradually becoming cheaper, with each next break below the previous one. Now the closest support zone is at around $ 225, which coincides with 50% Fib recorded during the cryptocurrency rate pump from $ 221 to $ 230. The resistance of the downward channel is located at around $ 230. Successful penetration of this barrier will mean an increase in the value of ETH to $ 235. The downward movement will meet barriers at the levels of $ 225, $ 220, and $ 215. Given the low bearish trend, it is unlikely that the asset will fall below $ 215 until July 9th.

Powerful Dump Matures On Ethereum Market

The TD Sequential indicator signals a bearish impulse based on the indicators of the previous week. The 2020 statistics suggest that the price of Ethereum fell sharply after the ninth candle, each of which closed higher than the candle four bars ago. In this case, a Sell Setup occurs.

eth-price-02-07-3

On June 30, the number of addresses that Ethereum received or sent during the day reached its maximum for the last two years – 486,000. Historical data indicate that a sharp increase in the activity of users of the ETH blockchain is a signal of an upcoming dump. The key support area is located at around $ 217. If this barrier is overcome, then the price will drop to $ 200, since there are no powerful additional barriers between these levels.

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 50 (in the neutral area).
  • The main support level is $ 220.
  • The main resistance level is $ 235.
  • Nearest pivot points: $ 217 and $ 229.

Discuss

Source: en.bit.news

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