ETH Sideways Action Might End Soon By Huge Price Move

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  • Ethereum dropped by a total of around 1.5% today as it falls to the $235 level.
  • The next level for ETH to break and start a bullish push lies at $250.
  • Against Bitcoin, Ethereum still needs to break the strong resistance at 0.0253 BTC.

Key Support & Resistance Levels

Support: $225, $215, $205.
Resistance: $250, $265, $274.
Support: 0.025 BTC, 0.0243 BTC, 0.0235 BTC.
Resistance: 0.0253 BTC, 0.026 BTC, 0.0263 BTC.

ETH/USD – Ethereum Losing Battle At $250.

Ethereum remains below $250 after attempting to break above there a number of times in June 2020. The coin fell from $250 earlier in the week as it dropped toward the $225 level. ETH managed to rebound from there as it pushed toward $240.

It now trades at $235. For the bull run to continue for, the cryptocurrency must break the resistance at $250.

ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, the first level of strong support lies at $225. This is bolstered by the rising trend line that has been in play since mid-March. Beneath the trend line, support lies at $215 (.236 Fib Retracement), $205 (100-day EMA), and $200.

On the other side, the first level of strong resistance lies at $250. Above this, resistance is located at $265 (bearish .886 Fib Retracement), $274, and $285.

The RSI dipped beneath the 50 line today as the sellers start to take charge of the market momentum. However, the Stochastic RSI is primed for a bullish crossover signal that should help to push ETH higher.

ETH/BTC: ETH’s Struggles Continue at 0.0253 BTC.

Against Bitcoin, Ethereum continues to struggle to pass the resistance at 0.0253 BTC this week. The coin remains supported by the 0.025 BTC level but must close above 0.0253 BTC to be able to head toward 0.026 BTC.

ETH has been looking strong against BTC since mid-May 2020 but will still need to overcome 0.0253 BTC to push higher.

ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, once the bulls break the 0.0253 BTC level, higher resistance lies at 0.026 BTC (bearish .786 Fib Retracement), 0.0263 BTC, and 0.0266 BTC (bearish .886 Fib Retracement).

On the other side, if the sellers push lower the first level of support is found at 0.025 BTC. Beneath this, support can be expected at 0.0243 BTC (.236 Fib Retracement), 0.0239 BTC, and 0.0235 BTC (.382 Fib Retracement).

The RSI remains above 50 as the buyers still retain control of the market momentum. Similarly, the Stochastic RSI is also primed for a bullish crossover signal that should help to send the market much higher.

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Cryptocurrency charts by TradingView.