Ethereum Price Analysis: ETH Dropped Below a 3-Month Rising Trend As Bears Start to Settle, What’s Next?

  • Ethereum saw a sharp 5.6% price fall this past week as it drops to $223.
  • This has caused ETH to penetrate beneath a rising trend line that has been in play since mid-March 2020.
  • Against Bitcoin, Ethereum failed to overcome 0.0253 BTC again and dropped to 0.0245 BTC.

Key Support & Resistance Levels

ETH/USD:
Support: $215, $210, $200.
Resistance: $225, $245, $250.
ETH/BTC:
Support: 0.0243 BTC, 0.0239 BTC, 0.0236 BTC.
Resistance: 0.025 BTC, 0.0253 BTC, 0.026 BTC.

ETH/USD: Ethereum Falls Beneath Rising Trend Line.

Ethereum tested the resistance at $250 last week, but it failed to overcome it. This caused ETH to drop lower as it fell beneath the rising trend line support and fell as low as $215 (.236 Fib Retracement) during the week.

ETH has rebounded from $215 as it trades at $223. However, the break beneath the rising trend line is quite significant as it could potentially mark a major shift in the trend if ETH continues to drop further beneath $200 (200-day EMA).

ethusd-jun29

ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the bears push lower, the first level of support lies at $215 (.236 Fib Retracement). This is followed by additional support at $210 (100-day EMA), $200 (200-day EMA), and $190 (.382 Fib Retracement).

On the other side, the first level of resistance lies at $225. Above this, resistance is expected at $245 (bearish .786 Fib Retracement), $250, and $265 (bearish .886 Fib Retracement).

The RSI has dipped beneath the 50 line to show bearish momentum within the market. Luckily, the Stochastic RSI is in oversold conditions and is primed for a bullish crossover signal that should send the market higher.

ETH/BTC: ETH Back At .236 Fib Support

Against Bitcoin, Ethereum attempted to break the strong resistance at 0.0253 BTC last week. This level has caused trouble for ETH during both May and June, and it must be overcome for ETH to travel higher.

This time, ETH was unable to break 0.0253 BTC as it rolled over and headed lower. It dropped beneath 0.025 BTC as it reached the support at 0.0243 BTC (.236 Fib Retracement level).

ethbtc-jun29

ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Moving forward, if the sellers do push beneath 0.0243 BTC, the first level of support lies at 0.0239 BTC. This is followed by added support at 0.0236 BTC (100-day EMA & .382 Fib Retracement) and 0.023 BTC (.5 Fib Retracement).

On the other side, the first level of resistance lies at 0.025 BTC. This is followed by resistance at 0.0253 BTC and 0.026 BTC (bearish .786 Fib Retracement).

The RSI has also dipped beneath the 50 line to indicate bearish momentum has taken control of the market. Likewise, the Stochastic RSI is almost ready for a bullish crossover that should help to push the market higher.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 96,845.95 2.13%
Ethereum (ETH) $ 3,287.62 5.00%
Tether (USDT) $ 1.00 0.01%
Solana (SOL) $ 249.50 4.50%
BNB (BNB) $ 618.42 0.47%
XRP (XRP) $ 1.11 1.67%
Dogecoin (DOGE) $ 0.381822 2.69%
USDC (USDC) $ 1.00 0.08%
Lido Staked Ether (STETH) $ 3,291.81 5.02%
Cardano (ADA) $ 0.780368 6.98%