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Technical Analysis for ETHUSD for 20th July 2022

Ethereum Breaking Out, ETH Price on the Path to $1.7k

Past Performance of ETH

Ethereum prices are up roughly 75 percent from 2022 lows, and bulls have the edge when writing. From the daily chart, ETH surged 12 percent in the last trading week, adding three percent in the past 24 hours. Technically, the coin is within a bullish breakout formation, expanding with rising trading levels, an indicator of trader confidence and possibly, a shift in trend after sharp double-digit losses from 2021 peaks.

Ethereum Technical Analysis

Currently, ETH buyers are in control. From the candlestick arrangement in the daily chart, buyers have the upper hand from an effort versus result perspective. As such, aggressive traders may find opportunities to load on every attempt lower towards the $1.41k and, if pronounced, the $1.25k mark. ETH bulls are also riding the upper BB signaling strong upside momentum. This combination means the odds of ETH gaining ground and recouping losses are high as traders target $1.7k in the short term.

What to Expect from ETH

Ethereum prices are posting higher highs, an indicator of strength. In a bullish breakout formation, traders may find opportunities to ramp up on every attempt lower in the daily chart. As long as bulls soak in bear pressure and sustain prices above the $1.4k mark, there would be more upside for the coin.

Resistance level to watch: $1.7k

Support level to watch: $1.4k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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