ETH Price Analysis – July 28
The price of Ethereum seems to be showing more bearish signs throughout the long-term consolidation phase seen in recent weeks. The bulls seem to be sitting on the side-lines for the moment.
Supply levels: $260, $265, $270
Demand levels: $170, $165 $160
The price of the Ethereum was bitten by the bear. The coin is currently experiencing a price drop. Traders were expecting a lot from the coin, although July 24 and 25 reflected an improvement in ETH prices. Both Ethereum and Bitcoin started with a fall today. The price is currently moving under the 21-day MA and exchanging hands at $207.45 which is yet to break out to the upside or downside.
Furthermore, a bearish drop may continue to roll the market down to $170, $165 and $160 support levels while possible bullish surge may drive the market to $230 level, testing the upper channel boundary. Above the channel, $260, $265 and $270 may further provide resistance levels for the market. MACD is sitting on the negative side and staying there would cause the coin to remain below the $207 level.
Taking a look at the daily chart for ETH/BTC, one can see that the price is attempting to rise towards the support turned resistance. Until and unless this resistance is effectively breached and the price ends up closing above it, there is not much reason to expect any long term bullish reversal.
However, a possible bearish continuation is likely to meet major support at the 1900SAT before falling back to 1800SAT and 1700SAT while the buyers may continue to push the market to the critical potential resistances at 2400SAT, 2500SAT and 2600SAT. The MACD now faces long-term minus-zero level resistance for Ethereum (ETH). A bullish cross could set the price off a channel break. A rejection will reduce the market to lower levels.
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