Ethereum market update: ETH/USD motionless trading continues at $220

  • ETH/USD dived massively dropping from $320 to $190.63 in less than a week.
  • Technical levels show clearly that Ethereum is poised for a move towards $240.

The crypto market is unexpectedly stable following two weeks acute up and down movements. The July 10 declines from levels around $320 opened the Pandora box amid heightened volatility. ETH/USD dived massively dropping to levels around $190.63 July 16.

Correction from the ‘crypt’ has since occurred with the price breaking above the 23.6% Fib resistance level taken between the last swing high of $317 to a low of $190.63. The gains over the last weekend touched $236 but failed to make gains towards $240.

At press time, the crypto has corrected towards the key support at the 23.6% Fib level around $220. While exchanging hands at $221 the price is also battling the resistance at the 50 Simple Moving Average (SMA) 4-h.

A break above $240 will allow the buyers to focus on the levels towards $300. Technical levels show clearly that Ethereum is poised for a correction north. The Moving Average Convergence Divergence (MACD) although currently, horizontal at -15.94 is horizontal at 0.0 suggesting possible consolidation before the next leg up. The sideways trading is also emphasized by the Relative Strength Index (RSI) which has managed to stay above the average after a correction from oversold levels on July 17.

BTC/USD 4-h chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: All eyes on the $8,530 support line as BTC/USD sinks

BTC/USD is on course for charting three bearish days in a row. The sellers dropped the price of BTC/USD from $8,764.45 to $8,631.70 this Thursday. So far this Friday, BTC/USD has fallen further to $8,601.15.

More Bitcoin News

Altcoin segment: bullish war drums

Sunny King, the creator of the consensus protocol Proof of Stake (PoS), has stated in a recent interview that Bitcoin has a vital role as a reference value in the crypto-verse, but that the highest growth potential is in the Altcoin segment.

More Cryptocurrencies News

ETH/USD hovers around $185.00, vulnerable to further losses

ETH/USD is trading at $185.27 at the time of writing, having recovered from the intraday low of $184.11. The second-largest digital asset with the current market value of $18.8 billion has lost 1.34% of its value since the beginning of Thursday and stayed mostly unchanged on a day-to-day basis. 

More Ethereum News

Ripple price prediction: XRP/USD smashes below critical support of $0.2700 – Confluence Detector

Ripple’s XRP extended thee sell-off to $0.2633 on Thursday. The coin is moving in sync with the market, controlled by bearish sentiments. A sustainable move below $0.2700 support bodes ill for XRP's short-term forecast, making it vulnerable to further losses.

More Ripple News


Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast