The new month began with ether and altcoins cautiously after a slight increase in July’s monthly volume. Even the US stock market started cautiously. The Ether price is down almost 7% at the moment, but volumes have increased by approximately 28% in the last day. The retroactive effect of quarterly Ethereum futures contracts that expire in December 2022 has been implemented. This is a state against contango where the futures price falls below the spot price. The current spot price of Ethereum is lower than the year-end outlook, which could be a bearish sign. The current negative spread between Ether futures and spot prices suggests that traders could be bullish about ETH.
ETH traded at $1,575 as of the writing of this article.
Chart for Ethereum (ETH).
ETH traded in a range of $1,000 to $1,275. The asset broke out of the range and rallied nearly 40% to reach the peak of $1,784. ETH encountered stiff resistance at the key level of $1700 – $1750 (lows in previous double bottom patterns) and saw some profit booking. ETH is forming a Lower High Lower Low’ pattern, but with low volumes. Support for the asset is around $1,500 (20-day Moving Average). If the support is maintained, bulls can resume their up-move.
Support 2Support 1AssetResistance 1Resistance 2$1,275$1,500ETH$1,750$2,000
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