ETH Price Analysis – July 4
ETH/USD bulls are intimidated by a group of technical indicators approaching $300. Critical support is created by the bottom line of the daily Bollinger Band indicator.
Resistance levels: $400, $420, $440
Support levels: $220, $200, $180
Ethereum, the second-largest cryptocurrency with the current market capitalization of $32.0 billion, has been range-bound recently. The coin faced stiff resistance on approach to psychological $300 and settled at $292 as at the time of writing. ETH/USD has gained about 1% on a day-on-day basis and lost 1.7% since the beginning of today’s trading.
However, Ethereum price is moving within the ascending channel and around the Bollinger Band Middle level while the weak bearish pressure building under this level is supported by the 50-Day Moving Average. Should in case the bulls maintain its upward movement, they may likely reach the resistance at $400, $420 and $440 levels, otherwise, there is a possibility of it getting to the support levels at $220, $200 and $180 respectively because the stochastic RSI is at the oversold zone.
Looking at the daily chart, Ethereum price is still falling drastically over the past few days as trading remains in a descending channel against the Bitcoin price. So, at the beginning of this new month (July), the coin broke down from 0.028BTC to where it is currently at 0.025BTC moving under the 50-day moving average. Below the channel pattern, Ethereum is falling towards the 0.024BTC support.
Meanwhile, should in case the ETH/BTC cross down the lower part of the channel pattern to retest the 0.024BTC, the long bearish MACD will continue to give the sell signals which could further turn the market bearish. However, one can expect potential resistance at 0.028BTC, 0.029BTC and 0.030BTC levels if the price crosses over the ascending channel.
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