On July 2, 2019, the Ethereum price reached a low of $272. A gradual increase ensued until July 9, when the price reached a high of $318. However, a decrease began the next day.
Ethereum Price: Trends and Highlights for July 11
- ETH/USD broke down from an ascending channel.
- It also broke down from a longer-term ascending wedge.
- There is support near $260 and $230.
- Short-term moving averages are bearish.
- Long-term moving averages are bullish.
Previous ETH Price Movement
Since reaching the aforementioned low on July 2, the Ethereum price has been trading inside the ascending channel outlined below.![eth price](https://beincrypto.com/wp-content/uploads/2019/07/previous-1-movement-3.jpg.optimal.jpg)
ETH Price in an Ascending Wedge
A look at a longer time-frame shows that the Ethereum price has been trading inside a descending wedge since February 23.![](https://beincrypto.com/wp-content/uploads/2019/07/Ascending-wedge.jpg.optimal.jpg)
![](https://beincrypto.com/wp-content/uploads/2019/07/moving-averages-6.jpg.optimal.jpg)
Future Movement
For the future movement, there are two possible paths which we can see the price taking.![](https://beincrypto.com/wp-content/uploads/2019/07/future-movement-2.jpg.optimal.jpg)
Summary
The Ethereum price recently broke down from both an ascending channel and wedge. The short-term moving averages suggest that the price will continue to decrease. If it does, there is a very significant support area near $230. How long do you think Ethereum will continue its decrease? Let us know in the comments below.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.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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