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- 1 Ethereum price trades at $1853.61 with a loss of -0.48% during the intraday trading session.
- 2 ETH price has negatively crossed 20-day EMA but still trades above 50,100 and 200-day EMAs.
- 3 The year-to-date return of Ethereum is 55.08% while the three-month return is -2.89%.
In March, a bullish rally commenced for ETH price as it rejected the $1400 and started to rise, forming a high at $2141.54. The cryptocurrency price could not stay above $2000 for many days due to the presence of bears and at the end of April, it slipped below $2000.
After the bullish move, ETH price entered into a corrective phase, forming lower lows and lower highs. Recently, Ethereum price formed support at $1650 after the June downfall due to SEC’s legal proceeding against the major crypto exchanges.
A bullish rally was initiated after the positive sentiment was induced in the crypto market due to the news release regarding BlackRock, world’s leading asset manager, filed for Bitcoin Spot ETF on June 15.
The move led to a rise of roughly 18.78% but price could not sustain the rally and faced rejection near $1960. Bears didn’t want the price to rise above $2000 and since the rejection, the cryptocurrency price has been in a bearish trend.
If bears can push Ethereum price below $1825, there is a possibility that the price might head toward the next support level of $1720, depending upon how strong is the bearish momentum. Traders should also be cautious near the $1800 psychological level. If price can form strong support at $1825, it might head toward $1960 for a potential retest in hopes of shattering the major resistance level of $2000.
Two Potential Catalysts For Ethereum Price Surge In Future
The much-awaited implementation of the Ethereum Improvement Proposal 4844 (EIP-4844) upgrade, also known as Proto-danksharding upgrade will help in increasing Ethereum scalability to a degree similar to decentralized computing systems.
The next significant development in Ethereum’s journey is a strong emphasis on privacy. Vitalik Buterin, in his recent blog post, identified privacy as one of the major issues and one of the critical transitions Ethereum needs to accomplish to prevent failure.
Eth Price Hovers Above $1850
The cryptocurrency price has crossed 20-day EMA negatively suggesting rise in bearish pressure in the market. The price still trades above 50,100 and 200-day EMAs suggesting that strength still persists. Chaikin money flow score is -0.05 indicating slight weakness in the price.
Relative strength index (RSI) has crossed below 50 mark and currently trades at 49.13 denoting that ETH price is in neutral territory. The Bollinger bands have contracted implying low volatility in the market. The price rejects the 20-day SMA of bollinger and is headed toward the lower band which resides near $1825.
The long/short ratio is 1.01 with 50.42% longs and 49.58% shorts suggesting a slightly higher buying position in the last 24 hours.
Conclusion
The market structure and price action of Ethereum is bearish after it faced rejection from $1960 level.
Technical levels
Major support: $1720 and $1650
Major resistance: $1960 and $2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
