Relevance up to 16:00 2021-07-05 UTC+3
Ethereum, ETH / USD, is trading below the 21 SMA and below the 200 EMA, with a bearish bias, having bounced from the $1,700 zone. It could face this level again.
ETH / USD could not break the EMA of 200 which is located at $ 2,325. It stayed just below this level. Now the price is turning lower again, consolidating below the SMA of 21. As long as it is located below 2,129, there will be downward pressure, thus suggesting a good selling opportunity.
The cryptocurrency market remains nervous and is braced for a stronger decline in the coming days. When everything seemed to be going well, the market makes a downward turn. Retail investors are getting into a panic which does not encourage a sustainable bullish momentum.
Some investors believe that the price of Ethereum should cost between $1,000 to $1,500. This is a reasonable price according to market demand. However, the bulls still believe that ETH can return to the price of $4,000.
Technically, our outlook is bearish for now. A fall to 1,500 could occur in the short term if the 200 EMA continues to push down and ETH trades below this level.
Our recommendation is to sell in any attempt to break the 21 SMA with targets in $1,875 and $1,700.
Support and Resistance Levels for July 02 – 05, 2021
Resistance (3) 2,370
Resistance (2) 2,243
Resistance (1) 2,155
Support (1) 1,930
Support (2) 1,807
Support (3) 1,663
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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