Ether has been experiencing a period of indecision in the market, as it has been trading between its moving averages over the past few days. This suggests that both the bulls and bears are unsure about the next direction for crypto. Such tight trading ranges are often followed by a breakout, which can trigger the next significant movement in the overall trend. Meanwhile, the S&P 500 Index has been steadily advancing towards its all-time high, recording a 3% gain in July. This bullish momentum can be attributed to signs indicating a reduction in inflationary pressures and expectations that the Federal Reserve will soon conclude its tightening cycle. These factors have contributed to positive risk-on sentiment among investors.
At the time of writing, ETH was trading at $1,829.3.
ETH after making the previous high of $2,031.4 witnessed a minor correction or profit booking as the bulls failed to manage the grip on the asset, and the prices corrected almost by 9.5% and made the weekly low of $1,835.1. Post this move, ETH was trading sideways in a range from $1,850 to $1,890. Today, it has broken the range on the downside and made a low of $1,817.6. If it closes and sustains below the range then it may test the next support level which is at $1,750.
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