Ethereum Price Technical Analysis
On the daily timeframe, Ethereum’s price has been forming higher highs and higher lows since rebounding from the 200-day moving average earlier in June.
Key Points:
– Despite the upward trend, there is a lack of bullish momentum, causing the price to pull back towards the 50-day moving average at around $1,900.
– If the price breaks this level, there are two support levels to watch: the static level at $1,800 and the 200-day moving average near the same price mark.
– Despite the fading momentum, there is still hope for a rebound from either of these levels to initiate the next rally higher.
The lack of bullish momentum in Ethereum’s price has led to concerns among market participants. The price has been unable to break above the $2,000 level, causing worry about the future direction of the cryptocurrency.
Overall, while the current price rally has slowed down, there is still potential for a rebound and further upward movement. Market participants should keep a close eye on the support levels mentioned and monitor any signs of renewed bullish momentum.
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