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Ethereum price analysis: preparing for lift-off

By Nathan Batchelor

10:35, 28 July 2020

Ethereum price analysis

Ethereum staged a major technical breakout last week, after the second largest cryptocurrency rallied past the $300 resistance level, hitting a new multi-month and 2020 trading high.

Ethereum price analysis shows that the cryptocurrency could now start to rally towards the 2019 trading high, around the $365 level.

ETH/USD medium-term price trend

The ETH/USD pair performed a major technical breakout last week, due to positive fundamental developments surrounding the cryptocurrency.

Ethereum also benefited from its nearest rival Bitcoin staging a rally above the psychological $10,000 level.

Ethereum technical analysis shows that a major technical breakout took place after bulls moved the price above the $300 level.

Ethereum technical analysis

The daily time frame shows that a bullish inverted head-and-shoulders pattern has been activated.

According to the size of the bullish reversal, the ETH/USD pair could rally towards the $480 level.

Due to the bullish trend shift in the ETH/USD, traders are likely to buy any dips towards the $300 to $290 area in anticipation of further medium-term gains.

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Gold

2,300.82 Price
-0.210% 1D Chg, %
Long position overnight fee -0.0192%
Short position overnight fee 0.0110%
Overnight fee time 21:00 (UTC)
Spread 0.30

US100

17,621.80 Price
-0.010% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.8

BTC/USD

59,454.45 Price
+1.130% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.52 Price
-0.100% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD short-term price trend

Ethereum technical analysis shows that the cryptocurrency has a short-term bullish bias while the price trades above the $270 level.

The four-hour time frame currently shows that bulls have moved the cryptocurrency back inside a rising price channel.

Ethereum technical analysis

ETH/USD bulls need to maintain the price above the $270 level to encourage buying towards the top of the rising price channel, around the $420 level.

According to the size of the price channel, the ETH/USD pair could rally by a further $100 from current levels.

Traders should note that if the ETH/USD pair moves under the $290 level, sellers may try to attack towards the bottom of the channel, around the $270 level.

ETH/USD technical summary 

Ethereum technical analysis shows that the ETH/USD pair has staged a major technical breakout. Sustained gains above the $300 level will confirm a major bullish shift.

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