Volatility and Crypto Sector are synonymous with one another. So when the ETH/USDT pair remained within a steady range extending from $1250-to-$1000 it came as a welcome relief. The barriers have successively endured several retests, and this point out there has been forceful buying and selling on personal ends, pointing to deep ambiguity among market participants.
An indication of how sellers continue to defend the$1250 resistance level can be seen in the July 8th, a long wick rejection candle. The result of this reversal can manifest as a new bear cycle within the range-bound rally, signifying the Ethereum(ETH) price may retest the $1000 support.
ETH Price Analysis: Key Points
The key point adjudged from the ETH chart is a fakeout from the 20-day EMA. ETH values can tank 13% before testing the next significant support of $1000. The trading volume intraday stood at $13.7 Billion, indicating a 9.73% loss
ETH/USDT ChartSource- Tradingview
ETH Price Analysis- The Latest Reversal Happened At Support Level $1000
The latest reversal happened at the support level of $1000 on June 30th. It helped the ETH values to surge 29% up to $1250. What followed was another futile attempt from buyers to surpass this resistance. It is indicative of the potential reversal and continuation of the range-bound rally.
Thus, the ETH price tumbled -by 7.15%in the last 24 hours, currently trading at the $1,071.87 mark. Moreover, if the selling pressure persists, the altcoins may slump more than 13% before hitting the $1000 psychological mark.
However, the range setup hints that this is a resting period. It will initiate its next rally. Therefore a bullish breakout at $1250 resistance could help surge ETH price 10% higher to $1400.
On the contrary, the $1000 crash could tank the altcoin price 11% down back to the June low of $896.11
ETH Price Analysis – Technical Benchmark
Bollinger band Benchmark indicator has seen an alignment with the range barriers and thus gives additional emphasis, and a breakout will reveal finer details of the particular market players.
Resistance level- $1300, and $1424
Support level- $1000 and $880