Is Ethereum Staging a Short-Term Rally - Price Analysis.

2022-07-15 | Selina Mathew

Ethereum ETH price had gained 0.99% over the last 24 hours. ETH price is trading at $1127.24 as of press time, after trading at $1112.00 yesterday. The cryptocurrency is currently under pressure and might continue to drop back down to $1,000 because of a lack of buying interest from buyers who are waiting for the right moment to enter into a long position on this altcoin pair.

Ethereum ETH price had gained 0.99% over the last 24 hours

Ethereum ETH price had gained 0.99% over the last 24 hours and it is trading at $1127.24 as of writing time, down -19.99% on the week. The cryptocurrency was trading at $1160 during yesterday’s trading session, rising by 1% over a 24-hour period.

The day’s decline came after an upward trend that saw ETH/USD rose to an intraday high of $1190 on August 3 before falling back below this level later in the day on August 4 (August 5).

ETH price is trading at $1127.24 as of writing time

The Ether price is trading at $1,215.92 as of press time, up 0.99% over the last 24 hours and up 0.94% over the last 7 days. It's down -1.82% from its all-time high on January 3rd, 2019 (which was $1167). The ETH/USD exchange rate has been steadily rising since December 2018 when it reached an all-time high of $1410 USD per token according to CoinMarketCap data.

At that time there were many speculators who bought into the promise of Ethereum becoming a mainstream cryptocurrency for payments and contracts that can run across multiple blockchains like Bitcoin or even other cryptocurrencies such as Litecoin or Ripple's XRP token.*

However, these same people are now selling their tokens off because they're worried about how long it will take before they see any real return on investment since nobody knows how long it will take before Ethereum becomes as popular as its competitors such as Litecoin and Bitcoin Cash (BCH).

ETH/USD 1 DAY PRICE CHART - COINMARKETCAP.COM

ETH/USD Long-term Trend: Bearish

The ETH/USD market is in a long-term bearish trend. The pair is trading below the 200-day moving average and has failed to break above dynamic resistance.

The ETH/USD daily chart shows that the price has been trading inside an ascending channel since mid-November 2018. It currently remains in a sideways consolidation phase with support at $866 and resistance at $902 on Bitfinex’s exchange.

The cryptocurrency has been unable to break above dynamic resistance (50 EMA) since December 2nd, when it reached $920 on EtherDelta before dropping back down below it again later on that day due to a lack of liquidity or demand for buying or selling tokens."

The Daily Chart

The daily chart of Ether (ETH) shows that it is in a bearish trend. The RSI 14D index has not been able to break above the dynamic resistance level, which indicates that there is no sign of a reversal in this market.

The price has fallen below support at $719 and cannot find buyers for now. As long as it remains below this level, we believe that ETH will continue declining until it reaches its lowest point since January 2019 ($543).

ETH trades above the descending line (in yellow) on the daily timeframe. The RSI 14D index has not been able to break above the dynamic resistance (in blue), which was rejected by the baseline showing the weakness of bulls in the market. Pushing for a short-term rally significantly depends on keeping the price above $1,000. If this level fails, another sell-off becomes much more likely.

However, in the bullish scenario, the next step for buyers is breaking the horizontal resistance at $1300 after the previous two failed attempts.

This would also push the RSI into the bullish zone after three months and could propel a rally up to $1,700. The bulls have been trying to break this level since January but they weren’t able to do it until recently when they managed to push through with a strong rally that saw ETH price move from $1300 all of sudden reaching as high as $1120 before retreating back down again.

Key Support Levels: $1000 & $880

ETH/USD has been trading inside a descending channel since March, and we don’t expect this market to continue its downward trend until it breaks out of the current channel.

The price of Ethereum is currently trading at around $860, which is a bit lower than where it stood two months ago when the cryptocurrency was valued at $1,200. In order for Ethereum (ETH) to continue with its short-term rally, several key support levels need to hold up:

The first one is at USD$1000 – this area represents an important level where many traders have placed their stop loss orders as well as initial entry points into their positions on this move upwards from scratch back then when ETH was trading at less than half today’s value. If you had bought more than 20% of your portfolio here then congratulations because now you know how much money could potentially be made by doing so!

However if not then don't worry because there will still be plenty left over after selling some extra coins off during dips like these ones :) The second one is at USD$880 - once again another important level where many traders have placed theirs…don't forget guys!!

Key Resistance Levels: $1300 & $1500 & $1700

Ethereum price is currently trading at $1235, which is a slight dip from its all-time high of $1300. The cryptocurrency has been moving sideways since mid-April when it hit an all-time high of $1450. However, ETH prices are expected to reach new highs as soon as August due to the upcoming hard fork.

These levels have been holding back Ethereum's upside potential so far but now they may be ready for another push higher if investors continue buying into this rally.

Takeaway

The long-term outlook for Ethereum is bearish but the short-term trend is bullish. The price has broken above the horizontal support line of $1000 and is close to reaching its all-time high of $1,400. A strong break could lead to further gains if buyers can hold on through $1300.

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