Price analysis ETH/USD, July 6

06.07.2021 11:22:17

The bears continue to keep the price of Ethereum from rising to the area of 2400. On July 4, the ETH/USD pair tried to approach the resistance level of 2400, but after reaching the level of 2389, it began a downward correction. The price of Ethereum stopped at around 2200. After today's attempt to approach the level of 2400 again, the ETH/USD pair began a correction again. At the time of publication, the ETH/USD pair is trading around 2270.

After two unsuccessful attempts, we see that the area of 2350-2400 provides a strong resistance that the bulls cannot overcome.

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The ETH/USD pair is trading in an upward channel, which began to form in early July. It limits the price of Ethereum at the bottom at 2200 and at the top at 2400. The pair will be able to start a new rise if it breaks the upper border of this channel.

In case the ETH/USD pair continues to correct in the near future, the level of 2220 will provide it with sufficient support. In the case of a breakdown of this level, the ETH/USD pair may show a deep correction to the area of 2030. The level of 2000 still provides ample support for the pair.

If the ETH/USD pair tries to approach the level of 2400 again, it will have to overcome the intermediate resistance level of 2320. A successful close above this level will strengthen the bulls and give a good chance to rise above 2400. If the ETH/USD pair successfully exits the price channel, we will be able to see the ETH/USD pair in the area of 2550 in the coming sessions.