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
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.
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