July 9, 2020 / Analytics

Ethereum Price Analysis: ETH/USD Will Drop To $210

ethereum-analiz

Ethereum cryptocurrency exchange rate (ETH) overcame the powerful resistance at $ 240, but it could not break through the $ 250 barrier. Therefore, ETH/USD should become cheaper by $ 210 by July 16th.

Key Points

  • Over the next session, the cost of ETH will be adjusted to the support area in the region of $ 245.
  • A bearish trend line has formed on the hourly chart with resistance at $ 248.
  • The upward movement will gain momentum if buyers break through the $ 250 barrier.

Ethereum gained 8% this week. As a result of the pump, ETH/USD overcame resistance at $ 230 and $ 240. On July 8, ETH rate reached its maximum over the past four weeks – $ 249 (Bitstamp data). On Thursday, ETH/USD price fell to $ 243 and now fluctuates in the range below $ 248.

Since June 2, bears dumped ETH three times after reaching the price range from $ 248 to $ 253. It seems like this situation will happen again. Each subsequent breakdown was deeper than the previous one, as a result of which the price of a coin can fall to $ 210 by July 16th. The downward movement will meet resistance at $ 240, $ 230, and $ 220. If sellers break through the $ 210 barrier, then the market will begin a full dump up to $ 100.

eth chart

Traders Predict Ethereum To The Moon

Many analysts prophesy ETH is going to the moon. This time, the approximate lift height is relatively small and amounts to $ 290. In June last year, the coin rate reached $ 335, so even courageous forecasters doubt that ETH will be able to go beyond the bearish trend that has dominated the market since 2018. Moreover, judging by the downward trend, the ceiling for Ethereum is in the region of $ 255.

eth chart 2

Forbes employees predict the bull run on the Ethereum market and substantiate this claim:

  • growth in transaction fees;
  • an increase in the number of added blocks per day;
  • the increasing popularity of the decentralized financial platforms AAVE and Compound working on the ETH blockchain.

Forbes experts believe that these factors indicate an increase in demand for Ethereum. Experts are betting on increasing the price of virtual currency in the medium term and recommend purchasing ETH. On the other hand, historical data suggests that an increase in blockchain user activity indicates an upcoming dump. Therefore, now acquiring an asset is too risky.

Technical indicators:

  •  4 hours MACD is in the bullish trend zone.
  •  4 hours RSI is above 60 (in the neutral area).
  • The main support level is $ 240.
  • The main resistance level is $ 250.
  • Nearest pivot points: $ 239 and $ 250.

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