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Ethereum price shows positive signs

13:50 02 七月 /2020

After declining to a minimum of $215 on June 27, the price of Ethereum began to recover. Since June 28, it has been showing growth and has already been able to rise above the levels of $220, $225. The ETH/USD pair even rose above the level of $231, but could not gain a foothold there. At the time of publication, the ETH/USD pair is trading around $229.

Due to the growth of the pair, ETH / USD was able to rise above the 100-hour moving average, and also tested the Fibonacci retracement level of 23.6% from the recent increase from $225 to $233. If the pair manages to gain a foothold above the $230 mark, this level will become the support level for the ETH/USD pair when moving to the resistance level of $235.

ethusd-2-July.jpg

If the pair ETH/USD can not gain a foothold above $230, the level of $228 will provide enough support. And in case of a decrease in the ETH/USD pair to the area of ​​$226, here Ethereum will receive enough consumer interest, which will push the pair to increase. The main support for the ETH/USD pair is around $222. Closing below this level will reduce the chances of the ETH/USD pair to start an upward movement to the $250 area.

It is also worth noting that on the hourly chart of the ETH/USD pair an upward channel is forming with support at the level of $228. Support for $ 228 is close to the Fibonacci retracement level of 50% of recent growth from $225 dollars to $233.

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