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The Ethreum market has seen nothing but downtrends in July. While the alt’s price has been on the down since the beginning of the month, the decline has had little to do with Ethereum. The market pressure from Bitcoin has been enormous, and ETH’s market has only mirrored this slide like other cryptocurrencies.
ETH was trading near the $1,900 level at the time of writing, having gained 8% in the previous 24 hours.
Ethereum daily chart
Lately, the price of Ethereum has been going lower within a declining channel. The crypto’s downward trend came to an end on July 21, when the crypto registered a northbound surge on the charts, breaking the pattern. That so, it made no difference to the market’s overall downward trajectory.
Ethereum may continue to trade between $1,831 and $2,045 in the future.
The 50 moving average crossed above the candlesticks, confirming the market’s strong downward pressure. The 50 MA climbed higher above the price bars as the price fell further within the falling channel, indicating a rise in bearishness.
The Visible Range highlighted the Point of Control [Red line] at $1,801 as the price jumped from $1,687. This was a clue that traders were actively trading ETH at the press time value, and when the price dropped below the POC, traders took advantage of the decrease and bought the dip. When looking at the Relative Strength Index, the indicator skirted close to the oversold zone before the price spike drove it back to equilibrium following an increase in buying pressure.
Traders may continue to trade ETH inside the aforementioned range despite the presence of buying pressure at the given price level. As downward pressure remained dominating, the Directional Movement Index [DMI] corroborated this. The -DI was still above the +DI and diverging, indicating a bearish ETH market.
As market traders engage with its press time pricing, the Ethereum market could witness a period of consolidation between $1,802 and $2,045. However, given the lack of buying demand, the altcoin’s price is likely to remain under $2,045 unless the former surges considerably.