Ethereum price will resume its bullish trend to retest the $320 and $340 resistance levels if the bulls break above the EMAs. What more? The following technical analysis explains.
Ethereum Price Technical Analysis
Yesterday, July 24, Ethereum (ETH) price was in a range-bound move below the 12 and 26-day Exponential Moving Averages (EMAs). After the downward correction at the $200 price level on July 16, ETH bulls made an upward move to break above the EMAs. ETH bulls are now facing resistance at the 12-day EMA.
On the upside, if ETH bulls are able to break above the EMAs, Ethereum price will commence its bullish trend to retest the $320 and $340 resistance level. On the downside, the price of Ethereum will continue to range below the EMAs if the bulls fail to break the EMAs. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which suggests a sell signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a bullish trend. The 12 and 26-day EMAs are pointing northward. On July 24, ETH bulls made an upward move to break above the EMAs. ETHUSD price is now facing resistance at the $225 level as the price retraces to the support of the 12-day EMA. The MACD line and the signal line are above the zero line, indicating a buy signal.
- Resistance Levels: $280, $300, $280
- Support Levels: $200, $180, $160
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.