Ethereum Technical Analysis Report | 2nd-AUGUST-2022

After a slight monthly increase in July, ether and altcoins started the new month hesitantly. Even the US stock markets started on a cautious note. Ether’s price is currently down by almost 7%, but the volumes have swelled up by around 28% over the day. Quarterly Ethereum futures contracts, scheduled to expire in December 2022, have slipped into retroactive effect, a state opposed to contango, where the futures price becomes lower than the spot price. On the one hand, ETH’s current spot price is higher than the year-end outlook and looks like a bearish sign. However, conditions surrounding the current negative spread between Ether spot price and futures price suggest that traders could be bullish on ETH.

At the time of writing, ETH was trading at $1,575.

Ethereum Chart | 02nd August 2022
Ethereum (ETH) Chart

ETH was trading in a range from $1,000 to $1,275. The asset gave a breakout above the range and rallied almost by 40% and made the high of $1,784. ETH faced stiff resistance at key level of $1,700 – $1,750 (lows of previous double bottom pattern) and witnessed some profit booking. On a daily time frame, ETH is forming a ‘Lower High Lower Low’ pattern but with low volumes. The asset can take support around $1,500 (20 Day Moving Average). If it holds and sustains the support then we can expect the bulls to resume the up-move.

  Support 2Support 1AssetResistance 1Resistance 2
$1,275$1,500ETH$1,750$2,000

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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