The prices of ETH / USD could not reach the targeted $600.00 after the bottom formation as a countermove. The buyers' strength was too weak, so that the maximum distance was reached at $515.00.
Currently, the price of ETH is again completely at the starting point of the recovery on the ground at $ 412.00. Without a doubt, the 200-day line (EMA200) is the biggest resistance.
As can be seen in the screenshot, the price has not closed above since the beginning of June. As soon as the price approached the famous average from below, the sales pressure immediately resumed.
Therefore, it will be important to overcome this average first. This will certainly be a tough task, as the great upward trend is already above the current price and, together with the EMA200, is currently forming a large resistance cluster.
Therefore, I currently see a maximum price target on the top in the range of $460.00 over the next few days and weeks. Anything that goes beyond that, ETH would already need powerful support from buyers accompanied by high volumes and fundamental good, new news.
This is NOT investment advice and does not encourage buying or selling. Every reader is aware of this and makes his own investment decision with his own understanding of risk management!
Cheers Jessy
