Ethereum declines to $234 following Bitcoin’s moves

Ethereum trades at $235, down 2% from where it opened today. Bitcoin's decline to $9,150 has dragged Ethereum with it, the two cryptocurrencies moving in tandem. The correlation may hold, but technic

By Ray Crawford·16 July 2020·1 min read

Ethereum declines to $234 following Bitcoin’s moves

Key Points

Ethereum trades at $235, down 2% from where it opened today.
Bitcoin's decline to $9,150 has dragged Ethereum with it, the two cryptocurrencies moving in tandem.
The correlation may hold, but technic

Ethereum trades at $235, down 2% from where it opened today. Bitcoin's decline to $9,150 has dragged Ethereum with it, the two cryptocurrencies moving in tandem.

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The correlation may hold, but technical indicators suggest a rebound is coming. An analyst watching the hourly timeframe notes that bears have failed to establish conviction below $238. Their lack of momentum hints at an accumulation phase before an upswing.

At $239.52, the technical picture comes into focus. Three indicators converge at this level: the one-hour Bollinger Bands, the five-day simple moving average on the four-hour chart, and the Fibonacci 38.2% retracement from the daily timeframe. Buyers and sellers have contested this price over the past week. If buyers defend this level, the path opens toward $246 resistance. A break through $246 accelerates momentum.

Ethereum has consolidated sideways over the past seven days. Support sits at the 50-day simple moving average below. The MACD hovers near the midline, while the relative strength index has turned bearish.

In the past 24 hours, Ethereum reached a peak of $242. A daily close above the upper $240 range sets up a retest of $246 resistance. Failure to hold $238 sends the price toward the lower $200 zone.

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