Ethereum Price Prediction – July 5
The Ethereum price is approaching a crucial support level which could take the second digital asset to the downside.
ETH/USD Market
Key Levels:
Resistance levels: $2700, $2900, $3100
Support levels: $1900, $1700, $1500
As the daily reveals, ETH/USD is currently trading down by 4.36% at its current price of $2221, which marks a notable decline from its daily highs of $2324 that was set today when the bulls attempted a slightly positive move. Meanwhile, in the past, ETH/USD has been able to find some support in the lower $2200 level, as it has bounced multiple times after visiting these levels.
Ethereum Price Prediction: Bullish Movement for Ethereum Price?
After touching the monthly high of $2389 yesterday, the Ethereum price is currently facing the downside. Therefore, many traders were expecting the coin to resume uptrends as the 9-day moving average is already crossing above the 21-day moving average. Although, the Ethereum price is currently hovering above the 9-day and 21-day moving averages changing hands at $2221 which is yet to break above the upper boundary of the channel.
On the contrary, a bearish drop may continue to roll the market down to the support level of $1900, $1700, and $1500 while a possible bullish surge may drive the market above the channel to hit the nearest resistance at $2500 as the $2700, $2900, and $3100 may further provide resistance levels for the market. Meanwhile, the Relative Strength Index (14) is facing the negative side, and staying there may cause the coin to touch the $2200 support level.
Against Bitcoin, the Ethereum price is currently facing the upside as the bulls continue to take over the market. As it is, ETH/BTC is currently trading at 6614 SAT and the bulls couldn’t push the price above the daily high of 6690 SAT. However, if the market drop below 9-day and 21-day moving averages, the next key supports may likely be at 6000 SAT and below.
However, on the upside, the continuation of bullish movement may likely push the market towards the upper boundary of the channel, and the resistance level of 7200 SAT and above could be visited. Similarly, the Relative Strength Index (14) is moving towards the 60-level, suggesting that the market may continue with the upward movement.
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