Ethereum Price Prediction: ETH/USD Still Consolidates Around $2300

Ethereum Price Prediction – July 29

The Ethereum price is seen hovering above the $2000 price mark and it is currently changing hands at $2311 to keep the upside.

ETH/USD Market

Key Levels:

Resistance levels: $2700, $2900, $3100

Support levels: $2000, $1900, $1800

Looking at the daily chart, ETH/USD is currently trading above the $2300 level as the coin faces the path of development.

Meanwhile, this can only be confirmed if the market price remains above the $2000 resistance level. However, the Ethereum price is hovering below the upper boundary of the channel at $2311 with 0.47% gains after touching the daily low of $2267. However, the price of Ethereum may likely drop below this level if the bulls fail to push it to the upside.

Ethereum Price Prediction: Ethereum Price May Go Higher

According to the daily chart, the Ethereum price has been trading above the 9-day and 21-day moving averages as the bulls need to keep the coin above the $2000 resistance level for the next few days in this month.

This is to regain the proper bullish momentum as the technical indicator Relative Strength Index (14) remains above 60-level.

At the time of writing, ETH/USD only needs to trade above few crucial resistance levels of $2300 and $2500 to stay comfortably at the top.

Therefore, if the Ethereum (ETH) manages to trade well above these levels, it could definitely reach the potential resistance levels at $2700, $2900, and $3100.

On the contrary, if the bears step back into the market, ETH/USD may likely drop below the 9-day and 21-day moving averages, and further bearish movement could drag it to the critical supports at $2000, $1900, and $1800 respectively.

When compares with Bitcoin, Ethereum (ETH) is currently trading below the 9-day and the 21-day moving averages, getting ready to move towards the lower boundary of the channel. However, the Ethereum price is changing hands at 5840 SAT as the technical indicator Relative Strength Index (14) moves around 41-level.

Moreover, the daily chart reveals that buyers are having the day as the potential resistance levels remain at 6500 SAT and above. On the other hand, a lower sustainable move towards the lower boundary of the channel may cancel the bullish pattern and attract new sellers to hit the support at 5300 SAT and below.

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