Bulls Expect Fresh Rally Ahead if ETH Move Above the $1800 Mark –

  • The Ethereum coin again turned to the latest 45 days highest level after a retracement phase. 
  • The ETH price is remaining far above the Parabolic SAR indicator over the daily price scale. 
  • The ETH coin is up 3% in the last 24 hours while Market Cap reached $203.1 Billion.

After the recent decline, Ethereum price started a slight upward move. The impact of Bitcoin’s 45-day high is also visible in the rest of the cryptocurrency. As a result, on July 28, the ETH currency also noted a month high, which stood at $1784.

In July, Ethereum buyers enjoyed a remarkable surge, seeing an increase of 56.6%. After a strong progress, a corrective phase was anticipated; Nevertheless, buyers have recently turned active near the $1600 support level. A low level was formed near $1,580 and the price is now climbing higher. The $1,600 and $1,620 benchmarks were clearly broken.

Today bulls seem to be aggressive, thus price is in the green zone at $1685 Mark at the time of writing. Meanwhile, the Market Cap of e ETH coin is up 3% in the last 24 hours at $203.1 Billion as per the CMC data. Moreover, the Ethereum along with the Bitcoin pair is in the green zone by 2.8% at 0.07266 Satoshis. 

Traders saw a Dragonfly Candle on 26 July near the $1350 mark, which became the key support level. Although the trading volume is decreasing gradually but still ETH price remains far above the Parabolic SAR indicator over the daily price scale. 

Ethereum Investors Struggle Near 100-DMA

The ETH bulls led the price above the 20 as well as 50-day moving averages. Meanwhile, the 20-DMA stood to be immediate support. Besides, buyers struggle near 100-DMA since last week. In addition, the RSI indicator is above halfway (above the chart), suggesting the bullishness in ETH.

ALSO READ – South Korean Banks On Radar As Regulator Investigates Kimchi Premium Bitcoin ‘Irregularities’

Conclusion 

Ethereum may lead the many other altcoins’ rally ahead if the price moves above the 100-day moving average. But bears are still active in the bull Market, and they may have set their selling order near the 45-days high. 

Support level – $1,600 and $1,000

Resistance level – $1,800 and $2,000

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen
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