Ethereum price will rise and retest the $320 and $340 price levels if the bulls are able to break above the 12-day and the 26-day EMAs.
Ethereum Price Technical Analysis
In retrospect of last week, Ethereum (ETH) price was trading in the bearish trend zone. ETH price was trading below the 12 and 26-day Exponential Moving Averages (EMAs) after the bulls failed to break above the EMAs. On July 9, the Ethereum price was trading above the EMAs but the bulls met resistance at the $320 price level. The price of Ethereum went on a downward correction to a low at $198 price level. The $200 support level was holding as the bulls made an upward move toward the EMAs.
In the meantime, Ethereum price is ranging below the EMAs as the bulls were resisted by the EMAs. On the upside, if XRP bulls break above the EMAs, Ethereum price will rise and retest the $320 and $340 price levels.
On the downside, the price of ETH will continue its range-bound move below the EMAs if the bulls fail to break the EMAs. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a sideways trend. The 12 and 26-day EMA are trending horizontally. On July 27, ETH bulls met resistance at the $223 price level and the price of ETHUSD dropped on a downward correction to a low at $205 price level.
ETHUSD price is ranging above the $205 price level and at the time fluctuating above and below the EMAs. In the meantime, the MACD line and the signal line are above the zero line, indicating a buy signal.
- Resistance Levels: $280, $300, $280
- Support Levels: $200, $180, $160
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.