Ethereum Price Analysis: Potential for Short-Term Bullish Momentum

By Lola Coin Aug 4, 202349Views

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Technical Analysis

Ethereum’s price has been declining in recent weeks, but there is a potential for a bullish move in the short term. Let’s take a look at the technical analysis.

The Daily Chart:

– Bearish price action has been observed on the daily timeframe.
– The 50-day moving average, previously holding at $1,900, was broken downwards.
– The market might reach the 200-day moving average at around $1,800 and the $1,750 support level in the coming days.
– However, a rebound from these support levels could lead to another rally towards the $2,000 mark and potentially even higher.

Hot Take:

While Ethereum has experienced a decline recently, there is a possibility for a bullish move in the short term. The technical analysis suggests that a rebound from support levels could lead to a rally towards $2,000 and beyond. Keep an eye on these key levels and consider your trading strategy accordingly.

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