Technology

ETHEREUM (ETH/USD): After a Sharp Move, Ethereum Remains on the Decline

ETH Price Analysis – July 16

Since last month, the Ethereum markets have been down. However, high volatility should help restore the uptrend. Otherwise, ETH would remain in its current downtrend.

ETH/USD Market

Key Levels:
Resistance levels: $305, $310, $315
Support levels: $120, $115, $110

ETHUSD – Daily Chart

Ethereum failed to find support at $200, as seen in the daily chart. The price brought declines to $190. With a loss of over 13%, ETH/USD is changing hands at $197. The prevailing trend is strongly bearish. However, it is essential that the bulls push the price above $200 to avoid further declines.

In addition, the Ethereum bears managed to push the price well below the critical level of $200 below the 21-day moving average. To follow both the RSI and MACD signals, a possible decline could meet demand at $120, $115 and $110. On the other hand, a sustained recovery above $270 could push the coin up to $305, resistance levels of $310 and $315 are needed to ease the immediate downward pressure.

ETH/BTC Market

Against BTC, the support around 0.025BTC failed and the price tested the range at 0.02BTC but the RSI and THE stochastic RSI indicators show that there is a chance to break down to 0.017BTC. That’s not a positive sign from a technical point of view. Resistance in this range is at 0.026BTC and beyond.

ETHBTC – Daily Chart

However, should in case the Ethereum price decides to move in an upward movement, it would quickly touch 0.026BTC resistance level. Similarly, a downward movement is likely to bottom at 0.015BTC and below.

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The post ETHEREUM (ETH/USD): After a Sharp Move, Ethereum Remains on the Decline appeared first on InsideBitcoins.com.

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