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Ethereum Price Analysis: ETH Breaks Down From the Upside Range, Uptrend Intact

Key Highlights

  • The bears break below $238 support, Ether risks falling to $224 low
  • The coin is likely to rebound at the low of $216

Ethereum (ETH) Current Statistics

  • The current price: $232.76
  • Market Capitalization: $26,018,450,620
  • Trading Volume: $6,583,546,932
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis July 16, 2020

Following the recent price rally to $248 high on July 8, Ethereum bulls have failed to push the cryptocurrency on the upside range trading. Rather, the biggest altcoin has been confined between $238 and $245. Today, the bears have broken below the $238 support as ETH falls. The other day the coin rebounded but the momentum was insufficient to break the $245 resistance. Buyers have been making concerted efforts to break the $253 overhead resistance after breaching the minor resistance at $248.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

On the upside, if the bulls are successful above the overhead resistance, the market will rally to $280 high. At the high of $280, Ethereum will be preparing to battle the last resistance at $286. In the meantime, Ethereum is on a downward move, if the selling pressure persists, the coin will further depreciate. On July 15, the bears came close to breaking the support at $236. A break below $236 will sink ETH to $224 price level. Meanwhile, the crypto is falling and approaching the low of $224.

Ethereum Technical Indicators Reading

The price of Ethereum is below the 12-day and 26-day EMAs. This price action indicates that the market will fall at any time as it is in a bearish trend zone. The market will continue falling if the price is below the EMAs. The coin is now at level 47 of the Relative Strength Index. It indicates that the crypto is in the downtrend zone and above the centerline 50.



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