Ethereum Price Analysis: Can ETH/USD Defend This Critical Ascending Channel Support?

John Isige News June 26, 2020

Ethereum Price Analysis: Can ETH/USD Defend This Critical Ascending Channel Support?

  • Ethereum price is pivotal at $230 following rejection from $235.
  • ETH/USD must hold onto the ascending channel support at all costs because losing it could be detrimental to progress.

Ethereum performance in the last 48 hours has not been impressive. Bearish forces continue to terrorize bulls under $250. Attempts to break above this critical level have culminated in declines as opposed to breakthroughs. The latest bearish swing occurred on Wednesday, sending Ether back to $240. Moreover, the bearish leg extended on Thursday, forcing ETH/USD into another painful trip under $230.

A weekly low was traded close to $225 before a recovery came into the picture. Unfortunately, the bulls lost momentum once again at $235 (previous week resistance). At the time of writing, Ether is pivotal at $230. However, the trend has a bigger inclination to the bearish side.

Holding the price at $230 is ascending channel support. This support has been very instrumental since March when Ethereum dropped to $90. If defended, a bounce towards $240 is expected before the weekend session.

ETH/USD daily chart

ETH/USD price chart
ETH/USD price chart by Tradingview

The technical picture is also drab based on the RSI and the MACD. The RSI is currently on a downward slope after failing to rise above 60 earlier this week. As long as the trend is downwards, the bearish grip could become stronger, eventually pulling Ethereum towards $220. The very downward trend is emphasized by the MACD’s bearish divergence.

The only slightly positive signal for Ethereum is that the MACD is still holding above the midline. If the sideways trend holds, we can expect consolidation above $230 before a breakout above $235 is staged.

Ethereum Key Intraday Levels

Spot rate: $230

Relative change: -3.00

Percentage change: -1.28%

Trend: Bullish biased

Volatility: Expanding

 

Summary
Ethereum Price Analysis: Can ETH/USD Defend This Critical Ascending Channel Support?
Article Name
Ethereum Price Analysis: Can ETH/USD Defend This Critical Ascending Channel Support?
Description
Ethereum price is pivotal at $230 following rejection from $235. ETH/USD must hold onto the ascending channel support at all costs because losing it could be detrimental to progress.
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 573 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 @