Relevance up to 17:00 2022-07-29 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Red line- horizontal resistance
Blue line- horizontal support
Black lines- Fibonacci retracements
Ethereum is trading very close to the key short-term horizontal resistance of $1,680. Ethereum has tested this resistance several times already but failed before. Another rejection at this resistance would be a bearish sign and would lead price back towards $1,300 and most probably lower. If bulls manage to break above $1,680, we should then expect Ethereum to reach the 38% Fibonacci retracement target at $1,910. Ethereum price is making higher highs and higher lows. The RSI has still not reached overbought levels. Current market conditions justify for Ethereum to continue its upward movement. A break below $1,350 will increase chances of testing $1,300 and breaking below it.
