ETH price analysis for July 13-20: the coin is likely to outperform Bitcoin in the next few days

Both the fundamental news and the chart patterns point to an optimistic development of ether in the next few days

Experienced trader Peter Brandt believes the charts cause Ether to outperform Bitcoin, and this could impact the other altcoins that "could win Bitcoin in the near future."

In addition to Brandt, Tuur Demeester, analyst and co-founder of the crypto investment fund Adamant Capital, is of the opinion that the technical structure of the ether chart is strong.

Another factor that some analysts believe could lead to a bull run is that the number of active ether addresses has increased in value highest level Since May 2018, according to the blockchain analysis company Glassnode. The strong growth of Ethereum-based decentralized financial platforms is one of the main reasons for the increased activity.

Both the basics and the technical data point to a rally in Ether. Let's do the weekly chart's ether price analysis to find out above which critical level the trend will be bullish.

Technical price analysis by ETH: weekly chart

Ether gained 6.64 percent last week to close at 242.84, which is a positive sign. The bulls managed to push the price above the downtrend line during the week, but they couldn't build on it.

If the bulls can push the price above $ 253.46, the ETH / USD pair is likely to gain momentum and start their journey to the next target at $ 289.33. If momentum can carry the price above this resistance, a move to $ 362.87 is possible.

The rising 20-week EMA and the RSI near 60 suggest that the path of least resistance leads upwards.

This bullish view becomes invalid if the largest old coin deviates from current levels and falls below $ 215.50. However, the possibility of such a sharp downward movement is low.

The analysis of the weekly chart indicates a possible outbreak in the next few days. Let's do the daily chart's ether price analysis to determine the critical support and resistance levels.

Technical price analysis by ETH: daily chart

The daily chart's ether price analysis shows that the bulls pushed the price above the downtrend line on July 8th. However, buyers were unable to maintain momentum and question the next resistance at $ 253.46 as the price fell from $ 249.07.

The positive thing is that the bulls are defending the 20-day EMA. The bulls will now try again to push the price above $ 253.46. If successful, the next stage of the upward trend will likely begin.

Since both moving averages are rising and the RSI is in the positive range, the advantage lies with the bulls.

If the next attempt to break above $ 253.46 fails, this could result in a short-term trader posting a profit that could drag the price to the 50-day SMA and below to $ 215.50.

Technical price analysis from ETH: How can traders be positioned this week?

Both the weekly and daily charts point to an advantage for the bulls that increases the likelihood of an upward breakout in the next few days. In this case, a rally to $ 280.33 is possible. Therefore, traders who hold long positions can continue to hold them with an appropriate stop loss.

Others who have been unable to establish long positions, as suggested in the previous analysis, may consider this at a closing price (UTC time) above $ 253.46.
MORE READING: How To Trade Ethereum: The Ultimate Guide
FURTHER READING: What is ether? Your simple guide to cryptocurrency

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