CryptoSignals News
Join our Telegram

Ethereum Returns to the $2,850 Low Amid Persistent Selling Pressure

Estimated Reading Time: 2 minutes

Article Rating:
Based on 1 vote
Login to rate this article.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

Ethereum Returns to the $2,850 Low Amid Persistent Selling Pressure

Ethereum Price Long-Term Analysis: Bearish
The price decline of Ethereum (ETH) reached bearish exhaustion on July 5 amid persistent selling pressure. Ether is now trading in a range of $2,850 to $3,000. In the last five days, neither the bulls nor the bears have broken through the range-bound levels. Buyers are having difficulty maintaining the bullish momentum above the $3,000 level. Ether is retreating after hitting a high of $3,119.

On the upside, if the bulls break through the barrier at the previous high, the market will surge to the 21-day SMA resistance or $3,400 high. However, the bears have retested the $2,850 support level twice since July 5. If the critical support is breached, the largest altcoin will plummet above $2,200 or lower.

Ethereum Returns to the $2,850 Low Amid Persistent Selling Pressure
ETH/USD – Daily Chart

Technical indicators:  
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
 
Ethereum Indicator Analysis 
The selling pressure has lessened, and the altcoin has begun a range-bound move between the moving average lines on the 4-hour chart. The early bullish movement has been rebuffed by the 50-day SMA, and the altcoin continues to fluctuate.

Conclusion  
Ethereum’s slump has eased above the $2,850 support amid persistent selling pressure. Bulls and bears have been battling over pricing above the important support level of $2,850. Since April 13, the Bulls have had the upper hand in defending the key support. Meanwhile, the crypto signal remains range-bound as the altcoin trades above the $3,000 support.

Ethereum Returns to the $2,850 Low Amid Persistent Selling Pressure
ETH/USD – 4- Hour Chart


You can purchase Lucky Block here. Buy LBLOCK


 Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.  

Recent News

August 13, 2024

Maker (MKR/USD) Bulls Reassert Dominance Above $2000

Earlier this year, the Maker market experienced a significant surge, reaching a peak of $4,000 from a previous threshold of $2,000—an impressive 100% gain. Following this rapid ascent, the market underwent a correction, marking the start of a prolonged downward trend. The resistance levels began to...
Read More
July 13, 2021

UMA (UMAUSD) Forms an Ascending Triangle to Move Up

Market Analysis – UMA Is Set to Move up as It Forms an Ascending Triangle UMA forms an ascending triangle and is set to break upwards. UMAUSD has been struggling to elevate its position after a major fall in price occurred on the 19th of May 2021. It has thus far been a tussle between […]
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram