On July 8, the Ethereum price reached a high of $318. Since then, it has been alternating between rapid decreases and periods of sideways trading. On July 16, it briefly reached values below $200.
At the time of writing, it was trading at $203.
Where will it go next? Below we are going to analyze the Ethereum price in different time-frames alongside technical indicators in order to answer this question.
For our previous analysis, click here.
For a video analysis click below:
Ethereum Price: Trends and Highlights for July 17
- Ethereum is following an ascending support line.
- There is a very significant support area at $180.
- The 10- and 20-day moving averages have made a bearish cross.
- There is a slight bullish divergence developing in short-term time-frames.
- There is resistance near $230.
ETH Price Support
A look at the daily time-frames shows that the ETH price has been following ascending support since February.
At the time of writing, it was trading right on this support line. This is the fourth time that it has reached it, increasing its validity.
Furthermore, it coincides with a support area created by the highs of April.
If the Ethereum price breaks down, there is another support line (dashed) that has been in place since December 2018.
It is currently at $160.
A look at the moving averages (MA) further affirms the legitimacy of this support area.
First, we can see that the 10- and 20-day moving averages have made a bearish cross on July 5. This preceded the most recent decrease.
During that time, the ETH price fell below the 100-period MA without finding support above it. To the contrary, it acted as resistance once the price tried to rebound.
The 200-day MA is currently at $180, right at the significant support area discussed previously.
Short-Term Reversal
A look at the two-hour time-frame shows that the Ethereum price has been following a descending support line since July 11.
At the time of writing, it had just touched it for the third time.
Additionally, there is bullish divergence developing in both the RSI and the MACD. It is more pronounced in the former.
However, the divergence is not very significant and is only present in short-term time-frames.
Therefore, it might not be enough to initiate an upward move.
Even if it does, there is a significant resistance area that is slightly above the Ethereum price.
The area is found near $230. It acted as support throughout May and June before the price finally broke down below it on July 14.
If the ETH price begins to increase, it is likely to begin a reversal in this area.
