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
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, correctness, completeness, reliability, or fairness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in crypto assets viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
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