Ethereum’s price action has been following closely to Bitcoin’s for the day with a small loss so far. While Bitcoin still has a while to go to the significant $6850 resistance level as noted in the Bitcoin price analysis post here, Ethereum seems to have met some solid resistance already at the $480 level. This also acted as a point of resistance when the price approached it around the 8th of July.
The drop has been on lower volume than the recent gains of the last few days, and we also have both price action and RSI forming higher lows which would point to a bullish outlook. A retest of $480 is to be expected on the next upward movement, and a daily close above this point would definitely be a bullish sign.
The 50-EMA is currently trading around the $500 mark so a break through the $480 level could be met with significant resistance near $500. Another bullish signal to be monitored on the daily is the MACD approaching a centreline crossover to the upside.
From a longer-term viewpoint, Ethereum has been trading between the 50EMA and the 100EMA on the weekly chart which could act as longer-term support and resistance. The all-time low for 2018 is at the $365 level and will be a level of extreme importance should Ethereum’s price approach it in the future.
On the hourly, the price is trading above all the significant moving averages (50, 100, & 200 EMA) and although the price has been dropping over the past 24 hours, the drop lost momentum approaching the 50EMA. Over the past couple of hours, we have seen price increases with decent volume, and we are currently trading around 2% away from the key $480 resistance level.
- $480 and $500 are the key resistance levels.
- Moving averages should act as near-term dynamic support levels on the hourly chart.
- The drop has been on low volume and lost momentum approaching the hourly 50EMA.
Ethereum Price Analysis – Can we break through the key $480 level? was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.