Ethereum Price Analysis: ETH/USD drops toward bottom of weekly range

Ethereum is down 3.7% on a weekly basis.
$230 aligns as the next technical support for ETH/USD.

Eren Sengezer FXStreet

Ethereum (ETH/USD) made a technical correction on Saturday and gained 1.3% to snap a three-day losing streak. However, the pair's recovery lost its stream on Sunday and ETH/USD was last seen losing 0.8% on the day at $234. On a weekly basis, Ethereum is down 3.7%.

ETH/USD technical outlook

Despite the rebound witnessed on Saturday, Ethereum struggled to clear the 20-day and the 50-day SMAs and trades below those lines on Sunday. Meanwhile, the RSI indicator on the daily chart started to edge lower below 50, suggesting that buyers are not interested in a more decisive recovery.

The immediate support for ETH/USD aligns at $230 (Jul. 16 low) ahead of $225 (static level) and critical $215 (100-day SMA/Fibonacci 23.6% retracement of March-June rally). Resistances, on the other hand, could be seen at $240 (20-day SMA/50-day SMA), $250 (static level) and $255 (Jun. 2 high).

Ethereum chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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