Ethereum Price Analysis: ETH Eyes Huge Move

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  • Ethereum increased by a small 1.62% over the past 24 hours as it reached $238.
  • The cryptocurrency remained above a rising trend line this weekend, which kept the uptrend intact.
  • Against Bitcoin, Ethereum rebounded from the 0.0253 BTC level to reach 0.026 BTC today.

ETH/USD: Bulls Defend Rising Trend Line To Keep Bull Run Alive

Key Support Leves: $225, $215, $210.
Key Resistance Levels: $245, $250, $265.

Last week, ETH dropped from the $245 resistance, which caused it to fall into the rising support trend line that has been in play since late-April. Over the weekend, Ethereum managed to hold this support and bounced higher from there to reach the $240 level.

ETH has since fallen slightly to reach $238 today. Remaining above the support line is a very strong positive signal for ETH as it suggests the uptrend is still alive right now.

ethusd-jul20
ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers continue to drive the price higher, the first level of resistance lies at $245 (bearish .786 Fib Retracement). Above this, resistance is located at $250 and $265 (bearish .886 Fib Retracement level).

On the other side, if the sellers push ETH beneath the rising trend line, support lies at $225, $220 (200-days EMA), $215 (.236 Fib Retracement), and $200.

The RSI recently climbed back above the 50 line to indicate that bullish momentum is entering into the market. Additionally, the Stochastic RSI is in oversold conditions and is primed for a bullish crossover signal to send the market higher.

ETH/BTC: Ethereum Rebounds From Strong 0.0253 BTC Support

Key Support Levels: 0.0253 BTC, 0.025 BTC, 0.0241 BTC.
Key Resistance Levels: 0.0263 BTC, 0.0266 BTC, 0.027 BTC.

Against Bitcoin, ETH headed lower last week as it fell from 0.0263 BTC to reach the 0.0253 BTC support level. Over the weekend, the bulls managed to rebound from 0.0253 BTC as they pushed higher into 0.026 BTC (bearish .786 Fib Retracement).

The coin has been trading within a range between 0.0263 BTC and 0.0253 BTC for the past fortnight and must break this range to dictate the next market direction.

ethbtc-jul20
ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, the first level of resistance to overcome is at 0.0263 BTC. Above this, the next challenge is found at 0.0266 BTC (bearish .886 Fib Retracement), 0.0273 BTC, and 0.0278 BTC (2020 high).

On the other side, the first level of support is found at 0.0253 BTC. Beneath this, support lies at 0.025 BTC (.236 Fib Retracement), 0.0241 BTC (.382 Fib Retracement), and 0.0234 BTC (.5 Fib Retracement).

The RSI is above the 50 line to indicate bullish momentum within the market, and the Stochastic RSI produced a bullish crossover that should help to push ETH higher against BTC.

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Cryptocurrency charts by TradingView.