Ethereum has become quite volatile and currently residing inside the ranges of $250 to $220 area. Ethereum found support around $220 area, as bulls are still optimistic. Will ETH surge higher? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
July 2, 2020, | AtoZ Markets – Ethereum blockchain transaction volume is at highest pick in the last 2.5 years. It slowly holds up to novel high during the afloat of the ICO boom. Ethereum is currently trading around $230 area and trying to push higher. The price broke above the dynamic level of 20 EMA on the intraday chart. As per the current price action, Ethereum may face resistance around $335 area in the coming days.
Will ETH Reach to February’s High?
ETH is currently residing near $230 area and trying to recover higher. Moreover, the price also broke above the Kijun line and the Tenkan line on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum found support and currently residing near $230 area and trying to climb higher. As per the current price action, if the price can bounce from the dynamic level, the bulls may push the price higher towards $235 area. So, if the price reaches $235 area and breaks above it, the bulls may push the price higher towards $250 area. Alternatively, if the price rejects $235 area with an impulsive bearish close, the bears may regain momentum and decline towards $220 area again.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level may act as a strong support to push the price higher. The Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. Besides, the Stochastic Oscillator lines are currently residing above the oversold level 20 and had a bullish intersection. It indicates that’s bulls may sustain the bullish pressure further in the coming days.
ETH Bullish Trend Is Still Active
According to the daily chart, Ethereum found support and had a daily bullish close above $220 area. As per the current scenario, if the price can break above the dynamic level of 20 EMA with a daily impulsive bullish candle close, the bulls may push the price higher towards $250 area as a first target. The second target will be $280 area if the price breaks above $250 area in the coming days. In contrary, if the price can breaks below $220 area with a daily bearish close, the bears may decline towards $200 area in the process.
Image: Ethereum Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price, which may act as strong resistance to push the price downward. Alternatively, it may act as a strong support if the price breaks above it. Also, the MACD lines are currently residing above 0.00 level from an extended period, which indicates that bulls are still present in the market may strike higher in the coming days.
To conclude, Ethereum has recovered almost eighty per cent of its earlier losses, which has happened because of Coronavirus pandemic. A daily close is required to identify the definite momentum in the coming days.