ETH/USD daily chart

ETH/USD daily chart

Gate Trade Ethereum Saturday, July 4, 2020 1122 0

Currently, the bulls are attempting to keep the second-ranked cryptocurrency on CoinMarketCap above the 50-day SMA ($227). If they succeed, the possibility of a break above the 20-day EMA increases. 

 

There is a minor resistance at $233 but if the bulls can propel the price above it, the up move can reach $253.56. A breakout of this resistance is likely to resume the uptrend.

 

This bullish view will be invalidated if the ETH/USD pair breaks below the $216.006 support. If that happens, a drop to $200 and then to $176.112 is possible.