Ethereum [ETH] July 4 Trends: More Upside Expected Beyond $300 Decision Level

Ethereum Price Prediction

Ethereum [ETH] July 4 Trends: More Upside Expected Beyond $300 Decision Level

  • Ethereum exchanges hands at $294 following a minor correction from highs slightly above $300.
  • Ethereum poised for upside correction as technical levels remain intact.

Amid the current consolidation of Ethereum, investors are expecting a bullish breakout before the weekend session. While Ethereum technical levels are still intact, much of this boost is expected to come from Bitcoin’s price movement with a break into the $12,000 level.

ETH/USD 4-h chart

Ethereum price chart
Chart source: Tradingview

Looking at the 4-h chart for ETH/USD trading pair, one can tell that the downside has been largely limited. At press time, Ethereum exchanges hands at $294 following a minor correction from highs slightly above $300. The shallow correction appears to be seeking support at the confluence level established by the 23.6% Fib retracement level taken between the previous drop from $379.32 to a low of $264.37 and the Bollinger Band 4-h Middle at $291.61.

On the upside, acute resistance lies at the pivotal $300 level. For further upside movement, Ethereum must establish support above this level and push for gains into the bullish zone between $310 and $320. ETH/USD still has the potential to hit new 2019 highs in the coming weeks, however, this will depend on the near-term action at $300.

On the downside, as mentioned above immediate support is at $291.61 confluence level. Bulls must work hard to ensure that the price stays above this level. Otherwise, movements under it could lead to a further breakdown that could retest $280 and $270 support areas respectively.

The technical picture is still positive and intact, especially with the Moving Average Convergence Divergence (MACD) divergence increasing. The only way is up for Ethereum. Another bullish signal could occur when the price breaks above the 100 Simple Moving Average (SMA).

Ethereum Key Technical Indicators

Key Support Areas: $291.16, $280 and $270.

Critical Hurdles: $300, $320 and $360.

MACD: Increasing divergence suggests the bulls have control over the current price.

Summary
Ethereum [ETH] July 4 Trends: More Upside Expected Beyond $300 Decision Level
Article Name
Ethereum [ETH] July 4 Trends: More Upside Expected Beyond $300 Decision Level
Description
Ethereum exchanges hands at $294 following a minor correction from highs slightly above $300. Ethereum poised for upside correction as technical levels remain intact.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Post your comment...
John Isige 247 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @