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.
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.
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.