In recent days, the Ethereum price stopped declining. A few days ago, ETH/USD exchange rates were at around $11.0. Today Ethereum rose slightly, but it still can’t make a bigger jump.
The Ethereum price is firmly entrenched in the corridor of $10 - $14. To date, the price is $11.27 and downward movement is suspended. But Ethereum price growth is constrained due to problems associated with the split network and lack of trading activity.
ETH/USD exchange rates for last 7 days:
The important resistance levels for Ethereum today are $11.50 and $12.0. Overcoming these levels will open the way up, but the low interest of the traders will hinder this growth. The 30-day chart below shows that the price of Ethereum could not move beyond the corridor of $10 - $14.
ETH/USD exchange rates for last 30 days:
ETH/USD exchange rates for last 60 days:
"There is clearly buying pressure at the 0.018 eth/btc rate. Although the trend is still down. Ethereum Classic (ETC) routinely trades 3-4x more volume than ETH does. There is a clear fundamental shift going away from ETH to ETC. I expect a potential rise to 0.02 eth/btc, which could be interesting entry points for short sales on ETH."
This week we expect a continuation of the sideways trend in the corridor of $11.0 - $12.0. Today the level of support is $11.0. The resistance level is $12.0.
Looking at the charts for 30 days and 60 days, we can see that the price of Ethereum has built a strong support at the level of $10.0. This is the price that, according to the market, Ethereum can’t go lower than. At the same time, we see that the price reached its maximum of $20.20 on June 16. This means that today Ethereum’s price is in the lower range. Does this mean that today is the best moment to buy ETH at a low price in the hope that Ethereum can repeat a maximum height in a month or two? Could ETH price reach the level of $20.0 again?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.