Ethereum (ETH) Uptrend is Possible as the Coin Builds Strength and Holds Within Critical Support

Key Highlights

  • Ethereum (ETH) rebounds above $216 support as the market approaches the 230 resistance
  • The coin is likely to retest the $253 overhead resistance if the current resistance is overcome

Ethereum (ETH) Current Statistics

  • The current price: $229.01
  • Market Capitalization: $25,554,837,114
  • Trading Volume: $6,349,132,142
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis July 2, 2020

For the past week, Ethereum suffered two breakdowns. In the first breakdown, the bears pushed Ether to a low of $228. After two days of price tussle above $228 low, buyers were overwhelmed as another breakdown occurred as price dropped to $216 low. Interestingly, ETH rebounded above the $216 support as the current momentum propelled the biggest altcoin to reach a high of $231. The coin is presently facing resistance at the recent high. It appears the coin has returned to the previous price range of $225 and $250`.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

This is the price range where the bulls retest the overhead resistance at $253. On the upside, if the bulls can push above the initial resistance at $230, Ether will rally above the $253 resistance. The price is entering the $225-$250 price range; this will accelerate price movement to retest the $253 overhead resistance. However, if the bulls face resistance at the recent high, ETH will be compelled to a sideways move below the resistance.

Ethereum Technical Indicators Reading

ETH bulls are facing resistance as they attempt to break the 12-day EMA and the 26-day EMA. However, if the coin rebounds again, it will break the EMAs. A break above the EMAs will accelerate the current price movement to the recent high. However, the reverse will be the case if the price is below the EMAs. Presently, the coin is above 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. This has been confirmed by the price action which indicates bullish signals.