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Ethereum’s (ETH) $228 Is Once Again the Support Zone to Watch – Ethereum World News

Quick summary:

  • $228 is once again the level to watch ahead of Ethereum’s weekly close.
  • This area has provided adequate support for ETH since the beginning of June. 
  • With a new week ahead, and like Bitcoin, there is a 50:50 chance it could go either way for Ethereum in the crypto markets. 

Another weekly close is a few hours away for Ethereum and the entire cryptocurrency spectrum. The last one week has been uneventful for ETH as its price has oscillated between $240 and $218. In the last five days or so, Ethereum has once again relied on the strong support zone of $228.

A Bag of Mixed Signals from Ethereum at the Charts

Ethereum's (ETH) $228 Is Once Again the Support Zone to Watch 10

Checking the daily ETH/USDT chart courtesy of Tradingview.com, the following is observed.

  • The 50-day (white) moving average is providing adequate support for Ethereum around the $218 area.
  • Ethereum’s current price at $229 is above the 50-day, 100-day and 200-day moving averages further indicating that ETH still has some bullishness to be confident about.
  • However, trade volume has reduced and is in the red further pointing towards a bearish scenario in the coming week.
  • MACD is providing mixed signals as its histograms indic ate a reduction of selling whereas the moving averages are indicating a downtrend.
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  • On the other hand, the MFI is low at 37 indicating slight bullishness.
  • The same short term supports are still valid: $225, $219, $214, $210, $205 and $200.
  • In terms of short term resistances, they
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