Ethereum Price Movement Analysis for 1st July, 2021

Spread the love

 116 Interactions,  6 today

From the 15th to the 22nd of June, the price of Ethereum fell steadily. This drop led the asset to fluctuate between $1,832 and $2,045 for a short period of time before resuming its upward trend. This price movement formed a double bottom, which is a positive indication for the ETH market.

However, the asset had already seen a rise and was now trading at a lower level.

Ethereum 12-hour chart

From the 15th to the 22nd of June, the price of Ethereum fell steadily. This drop led the asset to fluctuate between $1,832 and $2,045 for a short period of time before resuming its upward trend. This price movement formed a double bottom, which is a positive indication for the ETH market.

However, the asset had already seen a rise and was now trading at a lower level.

 

Reasoning

The price burst through the double bottom pattern and soared to $2,274. However, it rejected the resistance and was now descending towards the $2,045 support level. This sparked market selling pressure, resulting in extreme volatility.

RECOMMENDED READ:  FTX Token, Binance Coin, Augur Price Movement Analysis for 6th February 2021

Because the price was also rising within an ascending channel, it might find support at $2,045 and rebound. However, because Ether has been overbought, it must first establish stability. The stochastic RSI was overbought, and the RSI line had dipped below the signal line. It was an indication of increasing selling pressure, but it also had the potential to drive the price into a trading range.

 

The dealers were visibly perplexed as the price abruptly reversed. The Awesome Oscillator indicator detected growing momentum as it shifted to the positive side. This suggested that the buyers were still attempting to raise the price.

Conclusion

The present state of the ETH market suggests a continuous battle between buyers and sellers as the commodity approaches support at $2,274. As the long-term market struggles with volatility, it may attempt to strike a balance at the current level.

 

Leave a Reply

Contact Us