Ethereum Price Prediction – July 16
The Ethereum price is still struggling to stay above $2000 as the entire market takes a brief pause.
ETH/USD Market
Key Levels:
Resistance levels: $2500, $2700, $2900
Support levels: $1500, $1300, $1100
ETH/USD is currently changing hands at $1916 and it is likely to climb above the daily high of $1965 soon. Ethereum has remained relatively flat for the past few days as bulls and bears are contending for the $1900 support level. The monthly high remains at $2411 with the lowest support level located at $1865 in the short term.
Ethereum Price Prediction: Ethereum Price May Consolidates More
According to the daily chart, the Ethereum price remains below the 9-day and 21-day moving averages; if the Ethereum price breaks above the upper boundary of the channel, it could test an important resistance at $2000 and a successful break above the channel could open the doors for a fresh increase. In the mentioned case, if the coin is stable above these levels, it is likely to rise towards the $2500, $2700, and $2900 resistance levels in the coming sessions.
However, as the technical indicator Relative Strength Index (14) moves around 40-level, which means that the market is indecisive now but breaking below this level, may drag the coin towards the lower boundary of the channel. Therefore, if there is a bearish break below the $1000 support, ETH/USD could test the $1700 support. Moreover, any further losses could lead the price towards the $1500, $1300, and $1100 support levels.
When compares with Bitcoin, the Ethereum price is currently moving below the 9-day and 21-day moving averages as the market keeps changing trends; approaching the lower boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is revealed below 45-level, a slight bearish confirmation.
However, if the price breaks above the 9-day and 21-day MAs, bulls might push the market back to the 0.064 BTC resistance level. Moreover, if the price stays above this barrier, traders may expect an immediate resistance at 0.066 BTC and above. On the other hand, sliding below the current level of 0.060 BTC may locate the critical support at 0.054 BTC and below.
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