Ethereum Price Analysis: ETH Rallies above $240, but Larger Uptrend Intact

Key Highlights

  • Ethereum has broken the resistance at $240 but unable to push above $248
  • A strong bounce above the current support will catapult the coin above the overhead resistance

Ethereum (ETH) Current Statistics

  • The current price: $245.96
  • Market Capitalization: $27,470,032,358
  • Trading Volume: $9,423,608,837
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis July 9, 2020

Ethereum bulls made excellent moves as the coin rebounded twice to break the $240 high but got stuck below the $250 resistance. Before now, the bears have pushed the coin to $217 low in the last bearish impulse. Ether responded abruptly and corrected upward above $224. The upward correction was terminated at $232 high. The bulls and bears tussle for price possession between $224 and $232 price levels before the bears were overcome. After the price tussle, Ether rallied to the $250 resistance zone.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

The resistance at the $250 high explains the presence of sellers who are defending the price level. Unfortunately, ETH has turned down from the overhead resistance because of Sellers’s presence. The market is on a downward move and if it breaks below $240, it may return to the range-bound zone.

The bulls have earlier failed to push the price above $248 resistance. A strong bounce above the current support will propel the price to break the $248 and $253 resistance level. Ether will resume an uptrend to the next target price of $288 high if the bulls are successful.

Ethereum Technical Indicators Reading

Ether is presently above 80 % range of the daily stochastic. It indicates that the coin has reached the overbought region of the market. This is the reason for the recent downward move. Nevertheless, the price bars are still above the 12-day EMA and the 26-day EMA. The biggest altcoin will continue to rise as long as the price is above the EMAs. The EMAs are sloping upward indicating the uptrend.