ETH/USD technical analysis July 7

07.07.2020 12:06:17

Yesterday, we could observe an increase in the price of Ethereum. The ETH/USD pair was able to overcome several key levels: $230, $235, $ ​240. The pair was able to reach a maximum of $243 and rise above the 100-hour moving average.

However, today the ETH/USD pair began to show a bearish correction, close to the support level of $235. At the time of publication, the ETH/USD pair is trading around $237.

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The bulls were able to maintain the support level of $235, where other bulls joined them. Yesterday's test of the $240 level was unsuccessful, so the price is likely to encounter a selling interest near the level of $240. In the case of passing the area of ​​$240- $244, the ETH/USD pair will be able to rush to the area of ​​$250, where it will face serious resistance.

On the other hand, if the ETH/USD pair drops below $235, the $232- $230 area will act as a strong buy zone. Closing below the $230 level will mean an early return of the ETH/USD pair to the bearish zone soon.

Technical indicator Relative Strength Index is trading below 50 with a bullish angle. MACD goes bullish, signaling further growth.

Important resistance level $240

An important support level $235.