Price Analysis

Ethereum Price: Will ETH Bulls Surge Above $1200 Or Gets Hit With a Correction Again?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 7, 2022

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From late June to Early July ETH saw a downtrend. In late June ETH was trading at $1200 where it declined to $1080. But this downtrend did not last as in early July a slight increase in trade was observed.

Technical Analysis

From the graph below the Bollinger bands are squeezing towards each other hence an indication that the market is bullish. This means that there are many buyers of ETH.

The RSI is at 41 meaning it is going towards 65 which is an overbought region. This is enlightenment that the market might see some uptrend.

Source: Trading view

Ethereum is currently trading at $1160, the support levels are $1050 and $1040 while the resistance levels are $1080 and $1100.

I recommend the best buy position with a target of $1100. Stop-loss should be placed at $1045.

The market is currently in a consolidation phase as the Bollinger Bands have tightened around the recent candlesticks. The RSI is currently indecisive as it hovers around the 50 levels.

The candle sticks are currently above the 50 EMA and the 200 EMA which is a bullish sign.

However, the MACD indicator is giving a bearish signal as the histogram has begun to decline and the signal line has crossed over the MACD line.

Overall, the market looks like it could continue to move sideways in the short term but a breakout to the downside is more likely in the longer term.

Transactions count

The number of unique addresses used on the Ethereum blockchain has increased steadily over the past few months. This is a good indicator of growth in the Ethereum network as more people are using the platform for transactions.

The average transaction value on the Ethereum network has also been increasing steadily over the past few months. This is another good indicator of growth, as it shows that people are using Ethereum for more significant transactions.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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