Ethereum Technical Analysis Report | 26th-July-2022

Ethereum, and other major altcoins as well as BTC have taken their immediate support levels, indicating the bears are still very active at larger levels.  The asset has fallen by around 6% with a rise in volume of 3%. Meanwhile, on-chain analytics firm CryptoQuant highlighted rising Ether (ETH) outflows from major exchanges, totaling $1.87 million in coins as of July 22. Crypto exchange results suggest that traders are bullish on the long-term, so they might move coins to stronger crypto wallets for security.  The dominance of ETH is currently at 18.04% and the market capitalization is at $ 172 billion.

At the time of writing, ETH was trading at $1,432.

Ethereum (ETH) Chart | 26th July 2022
Ethereum (ETH) Chart

ETH after making the low of $881 started trading in a range from $1,000 to $1,275. The asset finally gave a breakout on the upside and the prices rallied up to $1,665. However, the bulls failed to break the stiff resistance of $ 1,700 (Lows of previous Double Bottom pattern) and the prices have dropped to $1,400. ETH has a strong support at its 20 Day Moving Average at $1,275. If it holds and sustains above the support then the bulls may resume the up move. To further rally, the asset needs to break and close above $1,700.

  Support 2Support 1AssetResistance 1Resistance 2
$1,000$1,275ETH$1,700$1,950

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