Ethereum price is currently showing a great correlation to its rival cryptocurrency, Bitcoin. The ETH/USD chart of July 1, features a similar rising wedge pattern with more dynamic support below the formation. The bears, at the moment, are showing signs of relentlessness, though the bulls appear to be attempting a market takeover.
ETH/USD Technical Analysis
On the 4-hour chart below, Eth price bounced off the $225 support and is slowly moving upwards to test the next resistance at $227. There is a little gap in between this price level and the top of the wedge where a major dynamic resistance occurs.
Prices will have a free ride towards $231 if the support at $225 holds still. Beyond the $231 level, buyers are likely to test the next resistance at $235 before further upward waves. If the price builds support at the $227 area, the market sentiments may shift totally towards the bulls and prices may skyrocket faster than we imagine in this analysis.
The current price consolidation is supported by the Resistance Strength Index (RSI) which is now horizontal at 50.0. Above the 50 RSI level, buyers may keep the movement towards the overbought condition at 70.0. At this RSI level, prices will look to set support at around $235.