Ethereum Price Forecast: ETH/USD Bearish Under $230 But Here Is Why Investors Remain Bullish?

Ethereum 2.0

Ethereum Price Forecast: ETH/USD Bearish Under $230 But Here Is Why Investors Remain Bullish?

  • Ethereum price free-falls under $230 to test the buyer congestion zone at $225.
  • Ethereum wallets with 0.1 or more ETH hit 3 million; an indication that investors are bullish despite the selling activities.

Ethereum, the largest altcoin in the cryptocurrency industry has proved the analysis on Thursday right. The analysis showed that the longer Ethereum stays under $240 and of course the lowest channel of Andrews pitchfork, then bears will also continue to dominate the market space. At the time of writing, ETH/USD has corrected lower from Thursday’s high close to $235 to test the support at $225.

The slight recovery that ensued after the dip has not been able to rise above the support turn resistance at $230. At the moment, the price is trading at $227 amid a growing bearish grip. The downside is also supported by the 50-day Simple Moving Average (SMA) in addition to the buyer congestion at $225.

Looking at the technical picture, indicators show that Ethereum could easily slide lower, breaking the weekly support at $218. The Relative Strength Index (RSI) is moving closer to the midline. Selling pressure has continued to grow since the beginning of June according to the negative gradient of the RSI. In addition, the Moving Average Divergence (MACD) highlights the increasing selling pressure as it closes in on the midline. It also features a bearish divergence, further allowing the bears to increase their confidence.

ETH/USD daily chart

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

Ethereum bullish scenario

Data released by Glassnode, an on-chain analysis platform suggests that investors are least concerned with the drab price action at the moment. This is shown by a surge in the number of Ethereum addresses with at least 0.1 ETH. These addresses have been growing steadily since January, perhaps in anticipation of the launch of Ethereum 20.0 which will see staking introduced to the network. Ethereum is expected to gain in value tremendously one, because of the increase in capacity and usability two, due to speculation surrounding the launch.

Ethereum Intraday Key Levels

Spot rate: $228

Percentage change: -1.5%

Relative change: -2.50

Trend: Bearish

Volatility: Low

High: $231.24

Low: $226.51

Summary
Ethereum Price Forecast: ETH/USD Bearish Under $230 But Here Is Why Investors Remain Bullish?
Article Name
Ethereum Price Forecast: ETH/USD Bearish Under $230 But Here Is Why Investors Remain Bullish?
Description
Ethereum price free-falls under $230 to test the buyer congestion zone at $225. Ethereum wallets with 0.1 or more ETH hit 3 million; an indication that investors are bullish despite the selling activities.
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 @