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Ethereum (ETH): The last attempt? July 18, 2023 analysis

Wed 19 Jul 2023 ▪ 3 min of reading ▪ by Family Trading Partnership
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After rejecting the $2.1K mark, the Ethereum price twice unsuccessfully tested the psychological $2,000 threshold.

Ethereum logo framed by a magnifying glass with a bull and a bear in the background, in front of a graphic.

Three times the charm?

Ethereum is currently trading above $1,900. It is still within its bullish channel, which began in early 2023.
ETH’s latest ups and downs enabled the last daily candle to close as a hammer. From a chartist’s point of view, we can see an “inverted shoulder-head-shoulder”. Each of these factors is encouraging for a bullish scenario. As far as indicators are concerned, Ethereum is above its daily moving averages, which are crossing and pointing upwards. On the oscillator side, there’s nothing to report apart from a daily RSI slightly above 50.

ETH/USD daily price chart
ETH/USD daily price chart

Assumptions for the Litecoin price

For a bullish scenario, we can therefore envisage a rise to the last annual ATH, i.e. close to $2.1K. If this last level is broken, then we could have higher targets around $2.3 and more if the bulls are really present.

For a bearish scenario, we can first imagine a return to $1.8K. If this level is broken, we could see a structural change that could initially take us to $1.6K. This could lead to the formation of a “double top”, which would be conducive to a bearish continuation.

ETH/USD daily price chart
ETH/USD daily price chart

Conclusion

In the midst of a consolidation phase, Ethereum is currently seeking its way forward. There’s every reason to believe that the second-most-capitalized cryptocurrency should perform well in the near future. However, one can never be sure of anything. So it will be important to keep a close eye on how the price reacts on the various identifiable levels, to confirm or refute the various assumptions made. Beware of potential “fake outs” and “market squeezes” on each of these situations. And remember that these scenarios are based solely on technical analysis. Cryptocurrency prices may evolve more or less rapidly, depending on other, more fundamental factors.

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Family Trading

Family Trading is a community of proprietary traders active since 2017, offering live sessions, educational content, and support around financial markets including cryptocurrencies, with Elie FT, an investor and passionate trader in the crypto market, by its side.

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