Ethereum technical analysis july 3 After a massive 600-day uptrend since the COVID crash in March 2020, the bears have now pushed the price towards the 38.2% Fib support area at $1,000. At the time of writing, the bulls are fighting to sustain this important level.
Using the Fib retracement levels, we can see that the price reacted strongly to them. It was previously the 23.6% Fib level at $1,900 and now the 38.2% Fib level at $1,000.
Without a doubt, these support levels are closely observed by most technical analysts. Assuming buyers fail to defend the psychological support at $1,000, hitting lower lows shouldn’t be confusing – the next level is the 50% Fib at $650. Farther below, support The next support is the 61.8% Fib (gold level), located at $400.
Moving averages can provide support-resistance for the price:
- MA20: $ 1,132
- MA50: $ 1.575
- MA100: $ 2,271
- MA200: $ 2.675
On the BTC pair chart – weekly timeframe, the uptrend that started September 2019 has encountered a hurdle at 0.088 BTC.
This structure turns to a downtrend as the price forms lower highs and lower lows. As shown below, Ethereum (ETH) broke below the 23.6% Fib support at 0.06 BTC. This level is currently acting as horizontal resistance. The next support levels are also marked on the chart.
Total transactions – SMA 30
Definition: Total transactions is the total number of transactions that have been performed on the network.
An uptrend is usually associated with an increasing number of trades. Since recording an all-time high in November 2021, the number of transactions on the Ethereum network has plummeted and reached its lowest level in the past year.
It is expected that once a reversal signal appears, on-chain activity will increase.
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