Ethereum (ETH) at a Major Inflection Point Amid ETF Approval
Volatile Market Action:
The crypto market's volatile price action continued last week, with much of the previous week’s gains being retraced.
Focus on Ethereum:
This week, Ethereum
ETH is at a major inflection point given the approval of ETFs by the SEC.
Trend-Following Concerns:
From a pure trend-following standpoint, a potential lower-high was completed last week. Following the low from July 5, which exceeded the low from May, this could indicate a short-term downtrend for Ethereum.
Key Support Levels:
Support: $2,900-$3,100
Ethereum is still given the benefit of the doubt as long as prices hold above this support range.
If this support holds, Ethereum could be considered in a broader consolidation within the broadening wedge formation.
Maintaining this support is crucial to avoid further downside.
Key Resistance Levels:
Resistance: $3,400-$3,600
For Ethereum to look bullish again, it needs to clear this resistance range.
Breaking through this resistance would negate the bearish scenario and potentially set the stage for a bullish run, bolstered by the positive sentiment from the ETF approval.
Stay informed and monitor these key levels as Ethereum navigates this critical period! ⚠️📈
#Ethereum #ETH #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Trading #SupportAndResistance #ETFApproval #Bullish #Bearish #Volatility
The crypto market's volatile price action continued last week, with much of the previous week’s gains being retraced.
Focus on Ethereum:
This week, Ethereum
ETH is at a major inflection point given the approval of ETFs by the SEC.Trend-Following Concerns:
From a pure trend-following standpoint, a potential lower-high was completed last week. Following the low from July 5, which exceeded the low from May, this could indicate a short-term downtrend for Ethereum.
Key Support Levels:
Support: $2,900-$3,100
Ethereum is still given the benefit of the doubt as long as prices hold above this support range.
If this support holds, Ethereum could be considered in a broader consolidation within the broadening wedge formation.
Maintaining this support is crucial to avoid further downside.
Key Resistance Levels:
Resistance: $3,400-$3,600
For Ethereum to look bullish again, it needs to clear this resistance range.
Breaking through this resistance would negate the bearish scenario and potentially set the stage for a bullish run, bolstered by the positive sentiment from the ETF approval.
Stay informed and monitor these key levels as Ethereum navigates this critical period! ⚠️📈
#Ethereum #ETH #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Trading #SupportAndResistance #ETFApproval #Bullish #Bearish #Volatility
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.