Ethereum Price Prediction: ETH/USD Strengthens its Uptrend; May Rally Above $270

ETH Price Prediction – July 22

The Ethereum (ETH) has responded to Bitcoin’s recent price escalation above $9,500.

ETH/USD Market

Key Levels:

Resistance levels: $280, $285, $290

Support levels: $240, $235, $230

ETHUSD – Daily Chart

ETH/USD has been consolidating within the ascending channel for the past few days. For now, the Ethereum (ETH) is currently trading at $263.90 above the 9-day and 21-day moving averages at the time of writing. More so, at the opening of the market today, the daily chart shows that the price first dipped $245, where it met a $239.95 support level.

However, in the last few minutes, ETH/USD buyers have retained control of the market. Although, yesterday’s trading has been a resounding victory for the bulls as Ethereum’s price jumped up from $263 to $245, breaking above the moving averages in the process. The daily breakdown shows us that ETH/USD is following an uptrend as the coin touched the daily of $269.45.

In other words, for a backward movement, the market can be supported at $240 and $235 levels, if the price falls below the previous levels; another support is around $230. But should in case the price exceeds the indicated level by breaking above the channel, the resistance levels of $280, $285, and $290 may be visited. The stochastic RSI is facing the overbought zone, which may likely give more bullish signals in the nearest term.

Against Bitcoin, the daily chart shows that Ethereum’s price is trading well in a strong uptrend around the 2771 SAT. As soon as the price touches the 2830 SAT, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above this level is close to the 2800 SAT. If the price keeps rising, it could even break the resistance levels of 2900 SAT and above.

ETHBTC – Daily Chart

Meanwhile, if the bears regroup now, 2600 SAT and 2650 SAT supports may play out before rolling to 2500 SAT and this may create a new monthly low for the pair. However, the daily outlook is still looking bullish as the price actions remain far above the moving averages. More so, the stochastic RSI is moving above 40-level to enhance the bullish movement for a while.

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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.