CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Ethereum price analysis: awaiting range break

By Nathan Batchelor

15:00, 22 July 2020

Ethereum price analysis

Ethereum continues to trade in a narrow price range, as the second-largest cryptocurrency by market capitalisation struggles to find a medium-term trend.

Ethereum price analysis shows that a directional breakout will occur once price moves away from the $217 to $250 price range.

ETH/USD medium-term price trend

The ETH/USD pair has been trading in an increasingly narrow price range as a number of top coins continue to suffer from a lack of trading volume and volatility.

Ethereum may be waiting for Bitcoin to stage a decisive technical breakout from the $8,800 to $9,475 price range, before deciding on its next major move.

Ethereum technical analysis shows that a major trendline breakout will take place if bulls move the price above the $250 level. 

Ethereum price analysis

The daily time frame shows that the ETH/USD pair has been trading within a large triangle pattern since 2019. A move above the $250 level would cause a bullish breakout from the triangle pattern.

According to the size of the potential triangle pattern breakout, the ETH/USD pair could rally towards the $480 level.

Traders should note that the $300 and $370 level offer strong technical resistance for the ETH/USD pair, prior to the $480 level.

What is your sentiment on MATIC/USD?

0.40697
Bullish
or
Bearish
Vote to see Traders sentiment!

Oil - Crude

70.13 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

US100

21,082.10 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

Gold

2,689.81 Price
-0.770% 1D Chg, %
Long position overnight fee -0.0178%
Short position overnight fee 0.0095%
Overnight fee time 22:00 (UTC)
Spread 0.30

ETH/USD short-term price trend

Ethereum technical analysis shows that the cryptocurrency only has a short-term bullish bias while the price trades above the $240 level.

The four-hour time frame currently shows that a bullish inverted head-and-shoulders pattern has formed.

Ethereum price analysis

ETH/USD bulls need to move the price above $250 to ignite the bullish reversal, while sellers need to move the price under $217 to invalidate the pattern.

According to the size of the reversal pattern, the ETH/USD pair could rally towards the $285 level if the $250 level is overcome.

If the ETH/USD pair moves under the $230 level, sellers may try to move the price under the $217 level to invalidate the pattern.

ETH/USD technical summary 

Ethereum technical analysis shows that the ETH/USD pair will stage a major technical breakout once the $217 to $250 price range is broken. A move above the $250 level would be a positive medium-term development.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading