Will the Bullish Ethereum Trend Continue Towards $280?


Ethereum has become volatile and corrective inside the ranges of $220 to $250 from an extended period. Ethereum bullish trend to sustain towards $280 psychological key area? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis. 

July 17, 2020, | AtoZ Markets – Ethereum is currently trading around $230 area and trying to push lower. After six days of bearish momentum, ETH facing support around $230 event area. As long as the price sustains above $220 area, the overall bias may remain bullish. As per the current price action, Ethereum may face strong resistance to the dynamic level of 20 EMA in the coming days.

Ethereum Bullish Trend Is Still Active as Investors Are Optimistic

ETH is currently residing nears $230 area and trying to decline further. After gaining almost 1600 pips, Ethereum has entered into a deep consolidation period.

Ethereum Bullish Trend

Image: Ethereum 4 Hour Chart

According to the 4-hour chart, Ethereum is currently residing near $230 area as the bullish trend is still active. As per the current price action, if the price can have an impulsive bearish candle below $230 area, the bears may sustain the bearish pressure towards $220 area in the coming days. Alternatively, if the price can have an impulsive bullish candle close above $230 area, the bulls may regain momentum and recover higher towards $250 area in the process.

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. The dynamic level may act as strong resistance and push the price downward. The Kijun line and the Tenkan line may work as a confluence of the dynamic level. Furthermore, the Kumo cloud is also currently residing above the price, which is also an indication of further bearish momentum. Besides, the MACD lines are currently residing below 0.00 level, which indicates that the bears are still in the market.

ETH to Reach February’s High?

According to the daily chart, Ethereum bullish trend may sustain further as the price currently residing near $230 support area. As per the current price action, if the price bounces from $230 area and had a daily bullish close, the bulls may regain momentum and recover upside towards $250 area as a first target. The second target level will be $280 area if the price can break above $250 in the coming days.

Ethereum Bullish Trend

Image: Ethereum Daily Chart

In contrary, if the price breaks below $230 area with an impulsive bearish candle close, the bears may sustain the bearish pressure towards $220 area in the days ahead.

Apart from this, the dynamic level of 20 EMA is currently residing above the price, along with the Bollinger Bands middle band. The dynamic level may act as strong resistance and push the price downside in the coming days. The Bollinger Bands middle band may work as a confluence of the dynamic level. Alternatively, Ethereum bullish trend may regain momentum if the price can break above the dynamic level, along with the Bollinger Bands middle band.

To conclude, as the U.S. economy is sinking because of Coronavirus pandemic second wave. Investors are optimistic about Ethereum. A daily close is required to find definite momentum in the process.

    Share Your Opinion, Write a Comment