Ethereum price may fall into the previous range zone of $220 and $280 price level. What next can traders expect? The following technical analysis reveals.
Ethereum Price Technical Analysis
Ethereum (ETH) price was in a bearish trend yesterday, July 11, after the bulls met resistance at the $320 price level. The price of Ethereum is now below the 12 and the 26-day Exponential Moving Averages (EMAs) which is an indication that the price is likely to decline. The bears are also currently facing resistance at the $269 price level.
On the downside, if the bears are able to break this level, Ethereum price will drop to the low at $220. At the moment, the bears have broken the $280 price level which was the previous upper price range. The price of Ethereum may decline to the previous range zone of $220 and $280 price level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line. This an indication of a buy signal.
ETHUSD Price Short-term Analysis
As the 1-hour chart shows, ETHUSD price is in a bearish trend. The 12 and 26-day EMAs are sloping horizontally but later pointing southward. The bulls are facing resistance at the $312 price level.
Today, the bears broke below the EMAs after a range bound movement at the $312 price level. The price of ETH is now ranging above the $288 price level. After another range bound movement above the $288 price level, the coin dropped to the low at $268 to resume another range bound movement. In the meantime, the MACD line and the signal line are above the zero line which suggests a sell signal.
- Resistance Levels: $320, $340, $360
- Support Levels: $260, $240, $220
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.