Ethereum Price Analysis: ETH/USD Leaves Altcoins In Dust As It Joins Bitcoin’s Rally, Eyes On $280
July 23rd, 2020
Ethereum trading remained mundane for several weeks in spite of strong fundamentals within its network. While other altcoins rallied, Ethereum persisted in a range that was broken at some point last week pushing ETH/USD to find support at $228. Following that, recovery from the dip was steady and gradual until a massive breakout came into the picture.
Bitcoin, for instance, sprung up stepping above the barriers at $9,400 and $9,500. The largest cryptocurrency extended the bullish leg drawing closer to $9,600. In the same way, Ethereum broke out in fireworks, bringing down the hurdle at $245. This encouraged more buyers to join the market as their confidence in the recovery increased. ETH/USD overcame other key barriers at $250 and $260 respectively.
The unrelenting bulls pushed past the next short term barrier at $265. Unfortunately, the rapid price actions have taken a breather, forcing Ether to take a step back to $264 (prevailing market value).
ETH/USD daily chart
Technically, Ethereum is poised for more action (pumping) towards the coveted $280. In the meantime, a period of consolidation is expected to take place with Ether holding above $260 (initial support). The Moving Average Convergence Divergence (MACD) holds above the midline. This shows that buyers are in control. Moreover, gains are likely to continue as long as the divergence above the MACD stays intact or increases.
Ethereum Intraday Levels
Spot rate: $264.00
Relative change: -0.48
Percentage change: -0.17%
Trend: Bearish bias