Ethereum Price Analysis: ETH Faces Major Resistance At $1,600

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Price Forecast
  • Ethereum price faces moderate resistance barriers at $1,600 and $1,700.
  • The 50-day SMA has been flipped from resistance to support.

Over the last two days, the Ethereum price has jumped from $1,415 to $1,575. Before that, ETH dropped from $1,950 to $1,415 losing more than $500 in its overall valuation. Let’s take a closer look with technical analysis.

Bulls Lose Control Of Ethereum Price 

As things stand, the Ethereum price bulls are facing a strong resistance at $1,600. If ETH can’t overcome this resistance barrier, it will probably drop to the 50-day SMA ($1,520). The RSI is still hovering in the neutral zone so it has more space to grow.

eth/usd daily chart 030221

Image: ETH/USD daily

On the upside, the Ethereum price has a moderate resistance barrier at $1,600, wherein 349,000 addresses had 1.88 million ETH tokens. On the downside, there are two healthy support walls at the 50-day SMA ($1,520) and $1,450.

eth/usd volume chart 030221

Image: IntoTheBlock

Over the previous 10 sessions the Ethereum price had jumped from $1,315 to $1,570, reversing the 20-bar and 50-bar SMAs from resistance to support. The MACD shows increasing bullish market momentum.

eth/usd 4-hour chart 030221

Image: ETH/USD 4-hour

Google Finance Adds Bitcoin, Ethereum, Litecoin, and Bitcoin Cash

Google Finance has recently added a crypto market tab to its business tool. The search engine giant has added a fifth “Crypto” tab on Google Finance - after the US, Europe, Asian Markets, and Currencies. The application imports the price data from Coinbase.  

The section lists an ”about” widget for four cryptocurrencies (BTC, ETH, LTC and BCH) from Wikipedia. The page allows a graphical comparison between the price action of these cryptocurrencies. The add-on also enables direct extraction of Coinbase price to Google Sheets using the GOOGLEFINANCE() function. 

The search volume for Bitcoin on Google is significantly more than the competing market indices in the S&P 500 and NASDAQ Composite. The term “Ethereum” recently overtook the two indices as well. The addition of the new tab sees crypto as a new investment class alongside global equities.

Ethereum Price Is Expected To Reach These Levels

Ethereum price is likely going to hover below the $1,600 line before it breaks through.

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