In this Ethereum price analysis, if the $200 support level holds, the ETHUSD pair will rise to break above the EMAs and retest the $320 and $340 resistance levels.
ETHUSD Price Chart
Ethereum (ETH) price was in a bullish trend yesterday, July 18. The bears temporarily suspended the bearish move as the bulls gained control of Ethereum price at the $200 support level. On the upside, if the $200 support level holds the price of Ethereum will break above the Exponential Moving Averages (EMAs) and retest the $320 and $340 resistance levels.
On the downside, if the $200 support level is broken Ethereum price will drop to the low of $150 or $175 price level. The Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which is an indication of a sell signal.
ETHUSD Price Chart
Looking at the 1-hour chart, ETHUSD price is in a bullish trend. On July 16, the price of ETH declined to a low of $196 and started a range-bound movement below the EMAs. The bulls broke above the EMAs and resumed a bullish trend. ETHUSD price is making a series of higher highs and higher lows.
A trend line has been drawn to ascertain how long the bullish trend will continue. A bullish trend is said to be ongoing if the trend line remains unbroken. A bullish trend is said to be terminated if price breaks the trend line and another candlestick closes on the opposite of it. The MACD line and the signal line are above the zero line, indicating a buy signal.
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