Ethereum Price Analysis: ETH/BTC Finds Support Above ₿0.025

Where will the Ethereum price go next? Keep reading below in order to find out. If you want to trade Ethereum (ETH) safely and securely on our partner exchange, follow this link to get set up on XCOEX. For our previous analysis, click here.

Ethereum Price: Trends and Highlights for July 9

• Ethereum is trading inside a descending channel.
• Daily moving averages have made a bearish cross.
• There is bullish divergence developing in the RSI.
• The price has made a short-term triple bottom.
• There is resistance near ₿0.027

Current ETH Price Movements

Since reaching a high of ₿0.41 on January 5, the Ethereum price has been decreasing — trading inside the descending channel outlined below: On May 10, it touched the support line of the channel at ₿0.025, before beginning an upward move and reaching the resistance line. At the time of writing, it had returned to the lows reached on May 10.

Technical Indicators

On June 14, a bearish cross occurred between the 10- and 20-day MAs. This is often a sign that a downtrend has begun. Since then, the ETH price has been trading below both MAs, facing very close resistance from the 10-day one. It made two attempts at a breakout, on June 29 and July 4 respectively, but was pushed back by the 20-day MA each time. This is an indication that while the bulls are gaining strength, they do not have the upper hand yet. Additionally, this view is supported by the significant bullish divergence that has been developing in the RSI. The divergence has been present since July 28 and is more pronounced in shorter-term time-frames. To conclude, an analysis of technical indicators suggest that an upward move will soon begin.

Triple Bottom

Prices reached lows of ₿0.025 on three occasions, June 28, July 5 and 8. This is known as a triple bottom, and when found in a downtrend it often indicates a reversal. Furthermore, it has been accompanied by bullish divergence in the RSI. If an upward move is initiated, one resistance area is outlined below: The closest resistance area is found near ₿0.025. If the ETH price begins to increase, it is likely to initiate a short-term reversal.

Summary

The Ethereum price has been trading inside a descending channel since the beginning of 2019. In the short-term, it has made a triple bottom pattern. Technical indicators support a price increase towards the resistance area outlined above. Do you think the ETH price will begin an upward move? Let us know in the comments below.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.  Images are courtesy of Shutterstock, TradingView.