Technical Analysis for ETHUSD for 13th July 2022
Ethereum Free-Falling, ETH Bulls Strongly Rejected from $1.25k
Past Performance of ETH
Ethereum bears are unyielding and have reversed gains of early July, pushing back prices to last week's lows. Currently, ETH prices are near the $1k psychological round number as a series of lower lows with decent participation levels register. Even though bulls stand a slim chance, buyers must reject any attempt lower and ideally bounce from around last week's lows. ETH is down three percent versus the USDT on the previous trading day.
Ethereum Technical Analysis
Sellers are firmly in control, dashing ETH bulls' hope when writing. Notably, prices are trickling lower with rising trading volumes suggesting that the uptrend's momentum is fizzling. The spike in trading volumes behind this week's reversal could hint at low upside pressure and exhausted buyers. Therefore, in light of this development, traders should closely watch the reaction between the $980 and $1k support zone. A close below this mark—and last week's lows—may force ETH back to 2022 lows at $880 in a bear breakout formation, confirming sellers of the first half of June. In such a case, traders may load on every attempt higher towards $1k, targeting $880.
What to Expect from ETH
Ethereum bulls may be confident from a fundamental perspective, but their views don't spill to the daily chart. Prices are pinned lower, and sellers are in command at spot rates. Thus far, how prices at $1k would likely shape the short to medium-term price trajectory.
Resistance level to watch: $1.25k
Support level to watch: $1k
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