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Cryptocurrency

20 July ETHUSD Price Technical Forecast: Ethereum retreats to $450

Cryptocurrency
20 July ETHUSD Price Technical Forecast: Ethereum retreats to $450

ETH price declined further and broke the $482 and $475 support levels against the US Dollar. Are further losses possible? What is revealed in the following 20 July ETHUSD Price Technical Forecast?

20 July, GKFX – Ethereum has been sliding ever since it hit $516 high (July 18). The price of the second largest coin broke $475 support level created by 100-SMA (1-hour chart) and proceeded towards $450. ETH/USD is currently changing hands at $459.

Ethereum’s market value is registered at $46.4B, while the average daily trading volume settled at $1.9B. The coin has lost 3.5% on a daily basis and 1.8% since the beginning of the day. Short-term trend is strongly bearish, while growing volatility may add pressure to the prices. 

20 July ETHUSD Price Technical Forecast

Looking technically, ETHUSD is supported by 200-SMA at $450 (1-hour chart). Once it is cleared, the sell-off may be extended towards $440 (the upper line of former consolidation range ) and $421 (the lowest level of July 12).

On the upside, the resistance is created by $480 with both 50 and 100-SMAs on approach. The psychological $500, followed by $516 (recent high) are likely to cap potential recovery for the time being

ETHUSD, 1-hour chart

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Disclaimer

This article 20 July ETHUSD Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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