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ETH With Another Attempt to Reclaim $1.7K, Will it Succeed? (Ethereum Price Analysis)

It seems that Ethereum failed at yet one more try to convincingly overcome $1,700, exhibiting that the shopping for stress is slowly fading. The question is that if the momentum will choose up or if the bears will take the chance to deliver the worth decrease.

Technical Analysis

By Grizzly

The Daily Chart

The each day chart reveals that the agency resistance within the $1,700-$1,800 vary is way from over. This resistance zone, which incorporates the 100-day shifting common (in white), is taken into account the primary impediment for bulls on the way in which to $2000. A break and shut above it would sign the beginning of a brand new uptrend with a goal of $2,200 (in blue), which overlaps with the 200-day shifting common (in purple).

Countering this assumption, if the demand on this space dries up and the bears dominate the market once more, the doable decline can prolong to the help zone within the vary of $1,280-1,350 (in inexperienced).

Currently, the structure has not modified, and till the decrease highs and decrease lows are shaped, the bullish sentiment prevails.

Key Support Levels: $1500 & $1350
Key Resistance Levels: $1800 & $2200

Daily Moving Averages
MA20: $1589
MA50: $1323
MA100: $1681
MA200: $2294

Source: TradingView

The ETH/BTC Chart

Against Bitcoin, the consumers dominate the market utterly. All corrective makes an attempt on the decrease time frames are absorbed rapidly. The bulls are attempting to maintain the worth above 0.07 BTC (in pink). At this level, it appears extra possible that the resistance at 0.75 BTC will likely be examined. This is the place the bears may stage a reappearance. The bullish development would stay robust so long as ETH is buying and selling above horizontal help at 0.065 BTC (in inexperienced).

Key Support Levels: 0.065 & 0.06 BTC
Key Resistance Levels: 0.073 & 0.075 BTC

2
Source: TradingView

Sentiment Analysis

Taker Buy Sell Ratio
Definition:
The ratio of purchase quantity divided by promote quantity of takers in perpetual swap trades.

Values over 1 point out bullish sentiment is dominant.
Values below 1 point out bearish sentiment is dominant.

Evidently, takers have crammed extra purchase orders within the final three months. This triggered Ethereum to expertise a big worth climb. But since July 18, this metric has been shifting downwards. Although it continues to be above the baseline (in inexperienced), it means that the energy of the takers on the purchase aspect is steadily lowering. This subject is probably going due to profit-taking across the stable resistance by short-term merchants.

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Source: CryptoQuant
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Cryptocurrency charts by TradingView.

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