Ethereum price prediction: Set to test descending channel support near $ 260

Ethereum price prediction: Set to test descending channel support near $ 260

Sunday, July 14, 2019, 6:47 AM
  • Ethereum wavers in descending channel, bias remains bearish near-term.
  • Upside attempts capped by a cluster of resistances near 270/271 region.

The second most favorite cryptocurrency keeps its weekend bearish bias intact, having lost about 2% over the last 24 hours, as the bears continue to guard the key 270 level amid a broader market sell-off. The No. 2 digital currency market value, stand at a market capitalization of $ 28.55 billion.

In the day ahead, the ETH/USD pair looks poised to test the 260-support area, as observed in the hourly chart that shows prices maintaining its range in a descending channel. Overall, the coin is trending lower amid moderate volatility, with the upside attempts unable to clear the stiff hurdles placed 270 region, where the descending channel resistance and downward sloping 21-hourly Simple moving average (HMA) coincide.

Hence, the lower targets at the bottom of the channel near 260 levels appear more likely to be tested, with the hourly Relative Strength Index (RSI) inching lower from the overbought territory.

Only a heavy rush of sellers or buyers will determine a breakout in either direction, until then the prices will continue to wave in a $ 10 range, with the immediate bias shifting in the favor of the bears.

ETH/USD, 1-hour chart

Levels to watch

ETH/USD

OVERVIEW
Today last price265.37
Today Daily Change-3.38
Today Daily Change %-1.26
Today daily open268.75
TRENDS
Daily SMA20297.36
Daily SMA50277.06
Daily SMA100231.66
Daily SMA200181.65
LEVELS
Previous Daily High275.52
Previous Daily Low261.54
Previous Weekly High318.46
Previous Weekly Low262
Previous Monthly High363.54
Previous Monthly Low226.48
Daily Fibonacci 38.2%266.88
Daily Fibonacci 61.8%270.18
Daily Pivot Point S1261.68
Daily Pivot Point S2254.62
Daily Pivot Point S3247.7
Daily Pivot Point R1275.67
Daily Pivot Point R2282.59
Daily Pivot Point R3289.66

source:.fxstreet.

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