Technical Analysis ETH/USD, July 27

27.07.2020 16:30:57

After Ethereum broke the $280 resistance level, new players started joining the market, which allowed the price to rise above $300. Today the ETH/USD pair is trading around $325. Thus, since July 22, the price of Ethereum has increased by more than 30% and was able to rise above the 100-hour moving average.

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Thanks to this rally, the ETH/USD pair reached a new high and returned to the area in which it traded last June.

On the hourly chart, the $320 level is the closest support level for the ETH/USD pair. Also, the price has formed an uptrend. The uptrend line provides support at $313.

If the ETH/USD pair falls below the support level, it may correct up to $303. Important key support is around the $300 level. In the case of a breakdown, the ETH/USD pair will drop to $292. Here, the 100-hour moving average is holding the Ethereum price from further decline.

On the other hand, the $330 level provides enough resistance for the pair. The ETH/USD pair, having come close to this level, began a downward correction. To overcome this level, Ethereum needs to activate the bulls. If the ETH/USD pair manages to break above the $330 mark, it will target the $345- $350 resistance area.

The RSI indicator shows growth, while it is below the 50 mark.

For the next session, the main support levels for the ETH/USD pair are $313, $303. Major Resistance Level $330.