The price of Ethereum lost 1% of its value after failing to cross the 20-day moving average barrier in the range of $ 2,160. On the other hand, in the Ethereum / Bitcoin pair chart, Ethereum managed to cross the resistance of its downtrend line.
to the the report Cryptopotito revived its Ethereum support from $ 1,710 earlier this week, experiencing a 25 percent jump to $ 2,142. Following the revival, we saw the 200-day moving average break above and stabilize above $ 2,000 on Monday.
We have seen a rise to $ 2,240 since the price of Ethereum crossed the $ 2,000 mark. Ethereum, meanwhile, could not close its daily candle above $ 2,160. Since this is the Fibonacci level of 0.382 and the 20-day moving average is there, it can be considered a resistance. In addition, a downtrend has formed in the area over the past month.
If buyers can close the daily Ethereum candle above $ 2,160, the first resistance will be $ 2,240, which is the weekly high. $ 2,300 (Fibonacci 0.5), the $ 2,400 level and the $ 2,500 area (100-day moving average) and $ 2,565 (50-day moving average) are other resistances that Ethereum faces, respectively.
$ 2,100 is the first support for Ethereum. $ 2036 (February 2021 high), $ 2,000 area, $ 1,925 level (200-day moving average) and $ 1,888 (Fibonacci 0.888) are other support for Ethereum.
The Relative Strength Index (RSI) in the daily timeframe is also in the middle range, which indicates that the downward acceleration of the price has disappeared and now there is uncertainty among the next direction of fluctuations among traders.
Ethereum / Bitcoin
Ethereum performs relatively well against Bitcoin. Ethereum prices fluctuated in a bearish channel for most of June. In the previous fall, the price of Ethereum was supported in the range of 0.055 bitcoin. Price recovery began after the fall and eventually led to the channel breaking on Monday.
Despite the fact that the price of Ethereum broke its downward channel, it is still trying to close above the 20-day moving average of about $ 0.0612. It should not be forgotten that Ethereum had previously turned 0.06 bitcoin into a support area.
The 20-day moving average at 0.0636 bitcoin (Fibonacci 0.382) is the first bitcoin resistance. 0.065 bitcoins, 0.066 bitcoins (0.5 Fibonacci retracement) and 0.069 bitcoin, which is 0.618 Fibonacci retracement, are the other resistors of the Ethereum / Bitcoin chart.
On the other hand, the first support that Ethereum is facing is in the range of 0.06 bitcoins. 0.057 bitcoins, 0.056 bitcoins, 0.055 bitcoins (100-day moving average) and 0.0541 bitcoins (April 2018 floor) are other Ethereum supports.
The relative strength index is in the range above the intermediate level, which indicates that buyers are looking for market control.