ETH Price Prediction – July 23
The Ethereum price is seen climbing higher and settling above the main $260 barrier against the US Dollar.
Resistance levels: $280, $290, $300
Support levels: $230, $220, $210
Yesterday, ETH/USD had a significant boost that allowed the coin to exceed the $268 level, this momentum extending considerably as crypto continues to climb higher today. The current performance of the coin indicates the addition of an upward movement since some weeks ago. It’s just a matter of time for this coin to reach a $270 level in the nearest term.
In the last three days, Ethereum has moved from $235 to $269 and at the same time moving towards the upper boundary of the channel at the time of writing. The on-going trend may move a little bit higher before the week runs out, and the coin may likely reach the nearest resistance at $280, but if the bulls put more effort, it could hit additional resistance levels at $290 and $300 respectively.
However, a bearish drop may roll the market back below the 9-day and 21-day moving averages and also to the initial support level of $235. Meanwhile, the support levels to watch are $230, $220, and $210. As the trading volume increases, the technical indicator RSI (14) is seen moving around 70-level and this could still supply more bullish signals into the market.
When compared with Bitcoin, Ethereum is still trading near the upper boundary of the channel above the 9-day and 21-day moving averages. The price is changing hands at 2789 SAT as the technical indicator RSI (14) stays within the overbought zone. However, the daily chart reveals that the buyers continue to dominate the market as the pair seems to break above the channel.
Positively, the resistance levels to be reached are 2950 SAT and 3000 SAT. Conversely, a lower sustainable move may likely cancel the bullish pattern and it could attract new sellers to the market with the next focus on 2650 SAT and 2600 SAT support levels.
- CNBC’s Brian Kelly Warns of a Bitcoin Short-Term Correction to $12,000 - November 25, 2020
- Bitcoin dives from multi-yearly high to $18,400 despite positive on-chain metrics - November 25, 2020
- Data shows the Bitcoin derivatives market is becoming less crowded - November 25, 2020