Relevance up to 16:00 2021-07-19 UTC+3
The price of Ethereum ETH / USD, in 4-hour charts is trading under bearish pressure below the SMA of 21 and below a downtrend channel. At this time of writing, it is at 1,845, the lowest level of this week, however, there could be a technical rebound.
Ethereum is below the psychological level of 2,000, so a consolidation above this level may favor the bullish outlook and reach the 4/8 murray resistance zone at $ 2,500.
On the contrary, the bottom of $ 1,875, where the 2/8 of murray is located, has strongly defended the fall of ETH, on several occasions it has rebounded above this level, which will give us once again an opportunity to buy and trade within this price range up to the level of 200 EMA (2,161).
In the medium term, if the market fear persists and the bulls cannot sustain a price above $ 2,000 per token, ETH may fall to the 1/8 murray support zone located at 1,562. This level will give ETH a break from downward pressure and the price could enter a consolidation phase.
Our recommendation in the short term is to buy ETH / USD, they only remain above 1,875, with targets at 1,950. The break of this level may give the bullish impulse to the resistance zone of 2,165 as tte ultimate target.
Support and Resistance Levels for July 16 – 19, 2021
Resistance (3) 2,174
Resistance (2) 2,012
Resistance (1) 1,943
Support (1) 1,826
Support (2) 1,781
Support (3) 1,688
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
Forex original source link