Ethereum (ETH) 360 #19: 2nd August, 2021

Mon 02 Aug 2021 ▪ 21h51 ▪ 2 min de lecture - par Akinabourse

Hello everyone, welcome to a new installment of Ethereum 360! Feels great to see plenty of green after a good week on the crypto market. Is this a simple rebound or trend reversal? Let’s dissect ETH in this 100% technical analysis market review!

A healthy rise?

Ethereum and the majority of cryptocurrencies are coming back to life. The price rebounded from its range low, forming a double bottom to return to its range high. The rise happened without retracement or consolidation, which is why I envision the price returning to above $2,000 before going up again.

If the price continues to rise, it will be necessary to pay attention to the Fibonacci level (in red). Profits will be taken and this might cause the market to go down again unless the rise is supported by high volume. The volume may be long-term in nature.

The two scenarios mentioned are shown on the graph below:

An uptrend on the 4-hourly

On the 4-hourly chart, the high point was broken, and we can observe the change of trend. To confirm this scenario, I’d like to see a higher low first.

Either way, volatility remains high. I can predict at least one pullback on the last high points (horizontal straight line) if not more.

Different OBs (Order Blocks) are identifiable and could support my theory which suggests a retracement. These areas are interesting for taking a buying position. Anyway, I’d like to have some nice bullish candles in these areas to confirm the scenario.

That’s it for this installment of Ethereum 360! Remember, never invest more than you can afford to lose and DYOR. Happy trading and see you on Wednesday for the next article!

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Akinabourse

Passionné d’analyse technique et de technologie, je suis assidûment les cryptomonnaies depuis 2017. Au-delà du trading et de l’investissement, j’essaye de démocratiser, à ma manière, l’écosystème qui changera sans doute nos habitudes de demain !

DISCLAIMER

Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.

Cours & Indices

BITCOIN (BTCUSD) $60,667.28 -1.61%
ETHEREUM (ETHUSD) Ξ $3,857.39 -0.3%
DEFI (DEFIPERP) $12,128.90 0.32%
MARKETS (ACWI) $103.63 0.82%
GOLD (XAUUSD) $1,767.35 -1.56%
TECH (NDX) $15,146.92 0.63%
CURRENCIES (EURUSD) $1.16 -0.01%
CURRENCIES (EURGBP) £0.842740 -0.59%
CRUDEOIL (USOIL) $82.47 1.29%
IMM. US (REIT) $2,666.33 -0.01%
Le pourcentage exprime l’évolution depuis 24h BUY CRYPTOS WITHOUT RISK
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