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    Home » ETH » Ethereum Price Analysis: ETH Creates a Fresh Low for July, What’s Next

    Ethereum Price Analysis: ETH Creates a Fresh Low for July, What’s Next

    Author: Yaz Sheikh

    Last Updated Jul 19, 2021 @ 14:24

    Ethereum fell a sharp 7.5% today as it plummets near the June low-day closing price at the $1800 level. Against Bitcoin, ETH is also looking bearish as it heads toward the next support at 0.058 BTC.

    ETH/USD – Ether Creates Fresh July Low and Retests $1800 Support

    Key Support Levels: $1800, $1710, $1625.
    Key Resistance Levels: $1888, $2000, $2035

    Ethereum is feeling the bearish pressure from the Bitcoin price drop as it sinks toward $1800 again. The coin failed to break resistance at the 50-day MA around $2340 earlier in the month and has been declining ever since.

    The bulls were battling to hold support around $1880 over the weekend, but today’s price drop pushed ETH as low as $1800 so far as it re-tests the June low-day closing price there.

    On the 4-hour charts, Ethereum is trading inside a descending price channel. It tested the upper angle of this channel at $2000 toward the end of last week but has since rolled over and created a new low for July.

    ethusd-jul19-min
    ETH/USD Daily Chart. Source: TradingView.
    ethusd-4hr-jul19-min
    ETH/BTC 4-Hour Chart. Source: TradingView.

    ETH-USD Short Term Price Prediction

    Looking ahead, the first crucial support lies at $1800. This is the low-day closing price for June and would be critical to defend. Failing this, the next support lies at $1710, the June low and mid-March support. Finally, added support lies at $1625 (downside 1.272 Fib Extension & lower angle of the price channel) and $1500.

    On the other side, the first resistance now lies around $1888 (upper angle of the price channel). This is followed by $2000, $2035 (Feb highs), and $2200.

    The daily RSI is heading lower, indicating increased bearish momentum. If it continues to fall, ETH can certainly be expected to drop beneath $1800.

    ETH/BTC – Bears Head Toward 0.058 BTC Support.

    Key Support Levels: 0.058 BTC, 0.056 BTC, 0.055 BTC.
    Key Resistance Levels: 0.06 BTC, 0.061 BTC, 0.0628 BTC.

    Etheruem is also looking bearish against BTC as it battles to remain above 0.0588 BTC support. It failed to break resistance at around 0.069 BTC earlier in the month and has been in a steady decline ever since.

    It is now cleanly trading beneath the 100-day MA as the bearish pressure looks to send it beneath the June lows.

    ethbtc-jul19-min
    ETH/BTC Daily Chart. Source: TradingView.

    ETH-BTC Short Term Price Prediction

    Moving forward, the first support lies at 0.058 BTC. This is followed by 0.056 BTC (June low-day closing price), 0.0541 BTC (April lows), and 0.051 BTC (downside 1.272 Fib Extension).

    On the other side, the first resistance lies at 0.06 BTC. This is followed by 0.061 BTC (100-day MA), 0.0628 BTC (20-day MA), and 0.065 (50-day MA).

    Again, the RSI is heading lower, indicating bearish momentum. A break beneath the 40 level will send ETH/BTC beneath the June 0.056 BTC support.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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