Ethereum Technical Analysis Report | 18th-July-2023

Ether is currently showing signs of support as it tries to maintain a position above the 20-day Exponential Moving Average (EMA) at around $1,897. This indicates that buyers are showing interest at these lower levels, preventing a significant decline. The immediate target for the bulls is to push the price above the psychological resistance level of $2,000. If they succeed in doing so and the price manages to close above this level, it could pave the way for a potential rally towards the $2,141 to $2,200 range. Despite the positive price action, there have been outflows of Ether, of approximately $2 million. It’s worth noting that Ethereum has seen the most outflows year-to-date among all assets, which could be a reflection of various factors, including profit-taking or a shift in investment strategies.

At the time of writing, ETH was trading at $1,910.5.

Ethereum Daily Chart | 18th July 2023
Ethereum (ETH) Chart

ETH after making a ‘Bullish Harami’ pattern at $1,628 is trading in an uptrend and the prices have surged almost by 21% making the recent high of $2,031.5. However, the bulls failed to manage the grip on the asset as the prices failed to sustain above the psychological level of $2k and the asset witnessed profit booking at higher levels and it dropped to $1,876.6. Currently, ETH is taking good support at its 50 Day Moving Average. If it holds and sustains the support then we can expect the bulls to resume the up move whereas a break below the support will lead to further downfall and the prices can test the next support which is at $1,750.

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