A maintained defense of $210 could be enough to allow ETH price to garner some significant upwards momentum
ETH price is still stuck below its important short-term resistance at $ 230. Up to now, ETH has continued sideways along with the trend of Bitcoin and other altcoins. However, it cannot exist within its long term trading range.
The next trend of ETH price may depend largely on how ETH responds to the current price action
At press time, ETH is fluctuating around & 226, slightly down slightly. Moreover, defending the price to not fall below $ 210 may be sufficient to allow ETH to gain some significant upside momentum. Some even suggest that this momentum could lead to ETH up to $ 350 in the near future.
However, in terms of technical factors, ETH may be weak on this point and witness a decline independent of Bitcoin. One factor supporting this notion is the recent emergence of a dreaded “death cross” – the likes of which have not been seen since last March.
The weakness that helped shape this death cross could lead Ethereum down towards its critical high time frame support at $ 210.
Moreover, the reaction at this level will determine the future of ETH. If ETH heads towards $ 350 this year, they must hold on to the threshold of $ 210. If it passes $ 350, the $ 500 forecast will be directed next year.
$ETH aiming for $350 this year in my opinion…
As long as we hold $210 this is still valid.
Thinking we flip $350 and see $500 taken out next year. pic.twitter.com/efxgQ2CuDg
— Cactus (@TheCryptoCactus) July 2, 2020
Another analyst offered a similar price target for Ethereum, noting it could soon rally towards $480. He justified this by explaining that ETH is currently consolidating above its 100-day and 200-day moving averages – which is a historically bullish occurrence.
“Ethereum: Acting above the 100-Day and 200-Day MA’s, while consolidating in a healthy way. Reminds me a lot of April 2019. Needs to hold; $195-200. Next targets; $290-340 and $425 – $ 480.”
Unless the aggregated market nosedives in the near-term, it is probable that Ethereum will continue trading above these crucial levels.
You can also check ETH Price here.
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