ETH/USD technical analysis, 6 July

06.07.2020 12:46:14

Since June 30, the ETH/USD pair has been able to form a strong support around $225. During the week, the ETH/USD pair approached the $225 mark 4 times, but the bears could not lower the price of Ethereum below this mark.

Today, the ETH/USD pair began to grow and by the time of publication was able to overcome several important levels. The ETH/USD pair was able to rise above $228, $230 and even rose above the $235 mark. At the time of publication, the price of Ethereum is $236,21.

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Raising the price above $228, the bulls gained strength and raised the price above the 100-hour moving average. It is worth noting that the ETH/USD pair was able to break through the top of the downtrend line, which began to form on June 24.

In the current situation, the $230 level has turned into a support level. This level is close to the Fibonacci correction level of 50% of growth from $223 to $235. If Ethereum manages to rise above the level of $235, it will continue to grow to the nearest resistance levels of $245. On the way to $245, in essence, Ethereum has no serious obstacles.

If we see a pullback down from the level of $235, and the bears can lower the ETH/USD pair below the level of $230, closing below the support of $230 may cause a new decline. In this case, the level of $225 will again provide support for the pair.

The RSI indicator is formed in the area of ​​75 and is in the overbought zone.

The main levels for this session: $230, $235.