The price action of Ether (ETH) on July 23 indicates a tug-of-war between the bulls and bears. After bouncing off the 50-day simple moving average (SMA) at $1,852, the bulls attempted to push the price above the 20-day exponential moving average (EMA) at $1,888. However, the bears countered this move and prevented the price from breaking above the 20-day EMA. As the bears are now trying to pull and sustain the price below the 50-day SMA, it indicates that they are exerting selling pressure and trying to maintain control of the market. There also has been a good amount of investment flow into Ether & XRP which is around $9.2 Million over the last week.
At the time of writing, ETH was trading at $1,854.5
ETH after making the recent 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. The asset was taking good support at its 50-Day Moving Average. Yesterday it broke the support and is currently trading just below the moving average. ETH has a strong support zone from $1,800 to $1,750, if it holds and sustains above the support then we can expect the bulls to resume the up move. However, to witness a rally it needs to break the previous high of $2,146.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|