Technical Analysis

ETH/USD Analysis – July 16, 2021

By LonghornFX Technical Analysis
Jul 16, 20213 min

Upward Trendline Supports Ethereum at $1,860

The ETH/USD closed at $1908.68 after placing a high of $1963.96 and a low of $1897.50. ETH/USD dropped on Thursday following the decline in BTC/USD and the strength of the U.S. dollar. A documentary named Ethereum: The Infinite Garden is under process, which is based on Ethereum. The company behind the documentary was working to raise 750 ETH, about $1.5 million for the Mirror project. The fundraising initiative will run on Mirror until Friday, July 16; the company has managed to raise about 60.3 ETH from 65 contributors as of yet.

According to the filmmakers, crowdfunding for the project will provide the Ethereum community with a chance to get involved in the project. The Mirror is a crypto crowdsourcing site, and many key players involved in building the second leading cryptocurrency will feature in the documentary.

One of the prominent participants included in the documentary is Ethereum co-founder Vitalik Buterin. The documentary film will talk about the decentralised nature of Ethereum and its advantages, and it will also discuss the inner workings of the Ethereum network and the ongoing updates. Meanwhile, the recent cryptocurrency crackdown from China added pressure over ETH/USD prices. The leading cryptocurrency BTC was also under pressure on Thursday, making the whole crypto market environment depressed and caused a decline in ETH/USD prices.

Furthermore, the rising prices of the U.S. dollar also added further pressure on ETH/USD after the macroeconomic data for the day came in favor of the greenback. The U.S. Dollar Index moved upward towards 92.69 level and supported the U.S. dollar, which ultimately accelerated the downward momentum in ETH/USD as both have a negative correlation among them.

ETH/USD Intraday Technical Levels

Support Resistance

1854.07 2009.94

1790.62 2102.36

1698.20 2165.81

Pivot Point: 1946.49

ETH/USD - Technical Outlook 

The second most traded cryptocurrency, ETH/USD, is trading at a 1,925 level. It’s gaining immediate support at 1,860 level that’s being extended by an upward trendline. On the 4-hour timeframe, the precious metal gold’s resistance stays at 1,965 and 2,044 levels. The 50 periods EMA is extending strong resistance at 2,045 today; therefore, the ETH/USD will be exhibiting a selling trend until this level is violated.

The MACD is holding at a -39.99 level, which suggests a strong selling trend in Ethereum. On the downside, the breakout of 1,860 levels exposes the ETH/USD pair towards the double bottom pattern. This double bottom pattern will be extending support at 1,724 level during the weekend. All the best!


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