ETH Price Analysis – July 19
Ethereum, the second largest cryptocurrency with a current market capitalization of $23.8 billion, exceeded $220.00 in the wake of the global rally in the cryptocurrency market.
Supply levels: $325, $335, $345
Demand levels: $150, $140, $130
Ethereum momentum hit a $230 problem after yesterday’s impressive rebound at $206. ETH/USD has spent most of this week’s trading sessions struggling to shake off the selling pressure. The initial support of $175 played was instrumental in preventing further declines, but significant support is at $150, $140 and $130 respectively.
On the other side, the next hurdle at $230 will pave the way for a second assault at $250. The increase is likely to gain ground with the next priority on the $250 level. However, the supply is even stronger at $325, $335 and $345, with a 50-day MA, making it a difficult problem to solve. For the moment, the technical picture has a bearish bias. The Moving Average Convergence Divergence (MACD) goes into the negative, while the Relative Strength Index (RSI) has risen sharply to level 40.
Comparing with Bitcoin, it struggled heavily against BTC and has created fresh multi-year lows. The selling pressure has been increasing heavily at the time of writing this article. The bears are dragging the bulls towards the support levels of 1500SAT and beyond. Ethereum price rose a little bit two days ago but the bulls failed to hold the uptrend.
However, the resistance in this range is at 2800SAT and above. Both the MACD and RSI (14) show that there is a chance for the price to break down to 1300SAT. Today, it looks like ETH is about to go lower against BTC as it currently trades at 2097SAT. Obviously, we can see that ETH had somewhat stabilized around the 2100SAT level.
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