ETH/USD:
Support: $225, $215, $210.
Resistance: $245, $250, $265.
ETH/BTC:
Support: 0.0253 BTC, 0.025 BTC, 0.0243 BTC.
Resistance: 0.026 BTC, 0.0263 BTC, 0.0266 BTC.
Ethereum was pretty much rangebound during June 2020 as it traded between $215 and $250. Each time the bulls attempted to break $250, they were turned away as prices returned to the $215 support.
Throughout July, Ethereum found very strong support at the $225 level. From there, it rebounded higher yesterday as it pushed toward the resistance at $245 (bearish .786 Fib Retracement). ETH still must pass the resistance at $250 to turn bullish again.
Looking ahead, if the bulls break above $245, immediate resistance is found at $250. Beyond $this, added resistance lies at $265 (bearish .886 Fib Retracement) and $275.
On the other side, the first level of strong support lies at $225. Beneath this, added support is found at $215 (.236 Fib Retracement) and $200 (200-days EMA).
The RSI pushed above the 50 line this week to indicate the bulls have taken charge of the market momentum.
Against Bitcoin, Ethereum had been struggling to break the strong resistance at 0.0253 BTC during June 2020. This caused ETH to trade sideways between 0.0243 BTC and 0.0253 BTC during the entire period of June.
In July, ETH pushed higher from 0.025 BTC and finally broke the 0.0253 BTC resistance yesterday. It continued to reach 0.0259 BTC (bearish .786 Fib Retracement).
Looking ahead, if the buyers break the 0.026 BTC level, higher resistance is located at 0.0263 BTC, 0.0266 BTC (bearish .886 Fib Retracement), and 0.0273 BTC.
On the other side, the first level of support lies at 0.0253 BTC. Beneath this, added support lies at 0.025 BTC and 0.0243 BTC (.236 Fib Retracement).
The RSI is above the 50 line as the bulls dominate the market momentum.
