From today’s Ethereum price analysis, ETHUSD may likely continue the downtrend and may even drop to the previous range bound zone of $220 and $280 price levels.
Ethereum Price Technical Analysis
Yesterday, July 10, Ethereum (ETH) price tested the $320 price level and resumed a downward correction. This was after bears broke below the 12-day and the 26-day Exponential Moving Averages (EMAs), which is an indication that the price of Ethereum may further decline. Retrospectively, on June 26, Ethereum price reached the $340 overhead resistance level, but the bulls met resistance.
At the moment, the price of Ethereum is now on a downward correction. ETH price has now fallen to the support levels of the EMAs. On the downside, if the bears break the $280 price level, Ethereum price may likely continue the downtrend and may even drop to the previous range bound zone of $220 and $280 price levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line indicating a buy signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a bearish trend zone. The 12-day and the 26-day EMAs are sloping horizontally but later pointing southward. ETH bulls are now facing resistance at the $312 price level. Today, July 11, the bears have broken below the EMAs after a range bound movement at the $312 price level. The price of ETHUSD is now ranging below the $288 price level. 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: $280, $260, $2600
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…