Ethereum Price Analysis: ETH Bounces Off the Legendary 0.024 BTC Support, but Can It Hold?

Ethereum has continued to struggle at the $300 level after dropping by 4.20% over the past week, bringing the price of the cryptocurrency down to around $293. ETH has now seen an increase of 17% over the past 30 days with a further 74% price surge over the past 3 months.

ETH remains the second-largest cryptocurrency by market value with a market cap of $31.27 billion. ETH has also struggled against BTC, dropping aggressively during June. However, the coin recently rebounded from strong support, which is a promising sign.

Looking at the ETH/USD 1-day chart:

• Since our previous ETH/USD analysis, the resistance at $334 proved too strong for the bulls, resulting in the market’s rolling over and falling. Ethereum fell toward support at $279, where the short-term .382 Fibonacci retracement level lies.
• From above: The nearest level of resistance lies between $298 and $300, which contains the bearish .5 Fib retracement level. Above $300, the next levels of resistance lie at $315, $334, and $350. If the buyers break above $350, higher resistance lies at $361, $380, and $400.
• From below: The nearest level of support exists at $279. Beneath this, the next levels of support lie at $271, $250, and $240. If the selling continues, further support lies at $235, $230, and $225.
• The Stochastic RSI recently reached oversold territory as we wait for a bullish crossover signal indicating that the market is ready to climb higher. The RSI itself has rebounded at the 50 level which shows indecision in the market.
• The trading volume has diminished since the start of July.

Looking at the ETH/BTC 1-day chart:

• Against Bitcoin, ETH was falling until finding strong support at the 0.025 BTC level. This area had provided strong support for the market in both December 2018 and May 2019 and is expected to provide strong support moving forward. Indeed, ETH has now rebounded from this level. 
• From above: The nearest levels of resistance are 0.027 BTC and 0.028 BTC. Above this, higher resistance lies at 0.029 BTC and 0.030 BTC. The resistance at 0.030 BTC is bolstered by the 100-day EMA.
• From below: The nearest level of support lies at 0.025 BTC. Beneath this, the next levels of support lie at 0.0245 BTC, 0.024 BTC, and 0.023950 BTC.
• The trading volume surged recently and has been above average.
• The RSI is looking promising as it makes its way toward the 50 level. For a recovery to take hold, we would need to see the RSI break above 50 to indicate that the bulls are in control.