ETH Bullish Ahead Of Network Upgrade
- Ethereum is up 5% over the week as the coin faces resistance at $2,363.
- It broke the June descending trend line but is struggling with resistance at a bearish .236 Fib.
- Against Bitcoin itself, Ethereum broke resistance at ₿0.066 today and is at ₿0.0673.
Ethereum is trending higher this week as it surged by 5%. The coin found support at a .886 Fib Retracement at the end of June around $1,800 and has been climbing higher ever since. It is being supported by a short-term rising trend line but is struggling to break resistance at a bearish .236 Fib Retracement level.
Ethereum Price Analysis
What has been going on?
Looking at the daily chart above, we can see that Ethereum found support at $1,800 toward the end of June as it found support at a .886 Fibonacci Retracement level. It rebounded from this support at the end of the month and started to push higher. In the final two days of June, ETH managed to break the descending trend line for the month, ending the previous downtrend.
Since breaking the trend line, ETH dropped lower at the start of July but found support at $2,000 again. It rebounded from $2,000 and has started to form a short-term rising trend line that is acting as support.
However, it seems as if Ethereum is now struggling to break critical resistance at $2,365, provided by a short-term bearish .236 Fib Retracement level. This level provided strong support for the market in the first half of June and will continue to act as a strong resistance moving forward.
Ethereum price short term prediction: NEUTRAL
The break back above $2,000 has turned ETH neutral again. It is still a long way from turning bullish and would have to break the June highs at $2,921 to start to turn bullish in the short term. On the other side, a closing candle beneath $1,800 would be required to turn the market bearish again.
If the sellers push lower, the first support is expected at $2,200, provided by the rising trend line. This is followed by support at $2,075 (.786 Fib Retracement). Additional support lies at $2,000, $1,800 (.886 Fib Retracement), and $1,715.
Where Is The Resistance Toward The Upside?
On the other side, the first strong resistance lies at $2,365 (bearish .236 Fib Retracement). Above this, resistance lies at $2,400, $2,575 (1.272 Fib Extension), $2,670 (1.414 Fib Extension), $2,800 (bearish .382 Fib Retracement), and $2,900 (June highs).
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