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ETHEREUM (ETH/USD): The Bearish Momentum Is Strong as ETH Price May Continue To Fall

ETH Price Analysis – July 12

Ethereum, the second-largest cryptocurrency with a market capitalization of $ 29.4 billion, consolidates its losses after a sharp fall on Thursday.

ETH/USD Market

Key Levels:
Resistance levels: $335, $340, $345
Support levels: $230, $225, $220

ETHUSD – Daily Chart

Ethereum’s price drop continued, even reaching below its main support level of $270 yesterday July 11. But today, the coin has risen from the fall and is currently trading at $276.46. However, Bitcoin even fell below its major support level of $11,000. Just when the crypto community thought that this time, the Bull Run would push Ethereum to reach new heights, it slipped to the lowest level.

However, if Ethereum gains ground, it could face the resistance at the $335, $340 and $340 levels but, in the event that the coin falls, it will face major support at $230, $225, and $220 levels. At the same time, the RSI and the MACD indicate a volatility float in the bearish zone, security being closer to the oversold range.

ETH/BTC Market

Comparing ETH with BTC, the last 48-hour trading has revealed a break down on the long channel after a continuous selling pressure in the market, which led to the current trading price at around 0.0233BTC. However, this suggests that the sellers are gaining control of the market. The 4-hour RSI is now revealed at level 30, revealing the on-going price drop.

ETHBTC – Daily Chart

When observing the 4-hour stochastic RSI, Ethereum signaled a downward movement after recovering from the overbought axis. Sellers can take the market to the support levels of 0.019BTC and 0.017BTC. However, if the buyers were successful in pushing the market back into the channel, the 0.028BTC and 0.030BTC resistance could be tested. At the moment, the ETH/BTC pair follows a bearish scenario.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.