ETH Price Analysis – July 10
Ethereum corrected towards $319 yesterday following a continuation to the uptrend started on Monday this week. In the early hours of today, ETH/USD went up from $308 to $311 but the market momentum has to decrease bearish intensity.
Resistance levels: $340, $350, $360
Support levels: $250, $240, $230
Looking at the hourly breakdown, we can see that ETH/USD had a bullish spike, which shot the price up from $308 to $312, within one hour, where it met resistance. After overcoming the resistance, the price went up further to $314.21, where it met another healthy resistance level before falling to $299.31.
If the market falls significantly below the 55-day moving average, support levels of $250 and $240 will be quickly tested before locating the next support levels. This could lead to a bearish scenario as sellers take control of the market and MACD indicator with bearish signals. At the same time, resistance levels of $340, $350 and $360 are the main price target for the bulls.
Looking at the chart, the Ethereum market has been following a downward rally against Bitcoin since the opening of the market on Monday, June 8 as the sellers continue to drive the market lower. Meanwhile, the bearish scenario was due to the BTC price influx over the past few days.
In addition, a careful review of the current RSI (14) indicates that Ethereum is moving towards the oversold territory and is likely ready for a bullish cross. However, if the bear continues to dominate the market, it may find close support at the 0.020BTC level and below. It is possible that the buying pressure meets the resistance of 0.029BTC if Bitcoin becomes bearish.
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