Ethereum Price Analysis 7–7–2018

Ethereum

Similar to the Bitcoin chart that I posted prior. There is an uptrend that is present on $ETH from late June to July 5th (the day before me writing this; it is 5:00 a.m. July 6th currently).

Of course the golden circle represents a breakdown south of this localized uptrend on the chart making the uptrend officially invalid.

However, this does not mean that we are now in an uptrend. Price appears to be consolidating for the time being.

The EMA-100 (on the 4H TF) is directly overhead posting that resistance at $470.

EMA-100 did not hold as support at all.

EMA-200 hovers overhead a fair distance above at $500 on the 4H TF.

Let’s Look at These EMA Indicators on the 1D TF.

Above, I have the EMA-200, EMA-100, and EMA-50 plotted and outlined as well for easy identification.

As you can see — above there is a death cross (usually does not take affect until later).

Source: https://www.investopedia.com/terms/d/deathcross.asp
Also worth mentioning that the first overhead resistance that ETH will face (on the USD) charts, will be $525 (although there are plenty of resistance points it will run into on this time frame as well as smaller ones if you do your DD.

If you’re completely lost as to why EMA indicators are fantastic predictors of resistance/support, check out this article that I wrote on it:

View story at Medium.com

The closest overhead resistance on the daily though, in terms of EMA, is the EMA-26, which you can spot here:

This overhead resistance is at $489, which is just a little bit above the current price.

As you can see, it appears almost as if it has been trending directly over top of the price for quite some time.

As you can see above, a break here would definitely be very meaningful.

RSI looking very bullish on the 1D for ETH still

Conclusion / Verdict

In my opinion, ETH is another one that could be due for a SERIOUS bounce soon. It just seems like it’s a matter of time before that one gets loose and then gets to really moving.

Very similar verdict to how I feel about Bitcoin.

We’ll just have to see over time.

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