E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Are ETH Bulls Running Out of Steam After the 11% Dip? (Ethereum Price Analysis)
Crypto

Are ETH Bulls Running Out of Steam After the 11% Dip? (Ethereum Price Analysis)

By August 2, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

In the last days of July, the bears seized the opportunity and put a halt to the rally that started two weeks ago. This resulted in the monthly candle closing with long wicks, which signifies the battle between the bears and the bulls inside the range of $1,350 to $1,800.

The ongoing disputes between China and Taiwan have also eased the investors’ appetite for risk.

Technical Analysis

By Grizzly

The Daily Chart

The bulls failed in their first attempt to break the resistance at the $1,700-$1,800 range (in red). After several hits at the 100-day moving average line (in yellow), the bears finally pushed the price down 12% from last week’s high ($1,784).

The upsloping 20-day moving average (in white) is considered the first support ahead of the price, which lies at $1528. If ETH breaks below that, the next stop is at $1350, the latest low during the recent bullish leg was formed. This is an important support to watch out for because failing this level invalidates the bullish structure.

At the moment, due to the geopolitical tensions in Asia, high-risk assets are not very attractive to investors. In this case, until the bulls can push the price above the resistance zone, it is not expected to see a significant upward movement.

123
Source: TradingView

Key Support Levels: $1500 & $1350
Key Resistance Levels: $1800 & $2170

Daily Moving Averages:
MA20: $1528
MA50: $1293
MA100: $1718
MA200: $2318

The ETH/BTC Chart

The recent bullish sharp trend was stopped by hitting the horizontal resistance at 0.073 BTC (in red). Short-term traders are expected to book profits around this level, which is part of the reasons for the correction over the past couple of days.

3
Source: TradingView

The first support zone in this chart is in the range of 0.065 to 0.067 BTC (green rectangle), which overlaps with the 200-day moving average (in white). The bullish structure remains valid if the ETH price against BTC is above this zone. If the bulls support this level, the red resistance zone is expected to be tested again.

Key Support Levels: 0.065 & 0.06 BTC
Key Resistance Levels: 0.073 & 0.078 BTC

 

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.