- 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
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