Since the 10th of July price levels have broken down out of the ascending channel as mentioned in my previous analysis to key support around $190. Ethereum price looks poised for a reversal at this key level as we near the month of August.
Ethereum Price Analysis 4 Hour Chart
On the 4 hour chart for ETH/USD we can see the breakout from the ascending channel on the 10th of July that has resulted in a 15-day downtrend. 50 MA appears to have caught up with the current market price as Ethereum consolidates around $200 – evident from the sideways chop. Typically, this is a sign that a lot of orders are exchanging hands around the current market price and could be a sign of a looming short-term reversal.
POC (Point of Control) still sits close to the previous break-down point at $267 and has yet to catch up with current price action. This would be a sensible resistance level to watch out for providing price levels continue upwards from this point. The volume appears to be trading lower than the volume seen throughout the beginning of June and May, which is completely different to what we see for BTC currently as mentioned in a previous analysis. There will likely need to be a clear increase of stable volume within the next few days to spur a reversal.
RSI sits in ”no mans land” between 40.00 and 60.00 and will likely shift in whichever direction short-term price action takes. On July 15th through to July 16th RSI hit the lowest oversold level within the last few months which could indicate that a much-needed pull-back has already gone underway, and a continuation of the prior bullish trend could play out in the short-term.
Price Analysis 1 Hour Chart
On the 1 hour chart, we can see how price action is unfolding around the current market price more clearly, with the 200 EMA cutting through price action for the first time during this downtrend. Momentum could very much shift either way at this point but the overall consensus for ETH is still very much bullish.
Unlike the 4 hour chart, Ethereum’s POC is cutting right through the market price. This leads me to believe this is a short-term consolidation phase with lots of buying and selling at this level. There are no clear trading patterns to work with at the moment, however, it’s likely we’ll begin to see one over the coming days as price action further develops. $190 is still a key support level that needs to hold to keep the overall consensus bullish.
Do you think ETH will respect $190 support and regain bullish momentum as we transition towards August? Please leave your thoughts in the comments below!
Images via Tradingview, Shutterstock
The post Ethereum Price Analysis: Bears Struggle To Break $190 appeared first on Bitcoinist.com.
Bitcoinist.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!