Ethereum and the other major altcoins, as well as BTC, have reached their immediate support levels. This indicates that bears remain active at higher levels. The asset fell by approximately 6%, with an increase in volume of around 3%. CryptoQuant, an on-chain analytics company, highlighted the rising Ether (ETH), outflows from major exchanges. This totaled $1.87million in coins as of July 22, 22. The results of crypto exchanges suggest that traders are bullish for the long-term and might shift coins to more secure crypto wallets to increase their security. The market capitalization stands at $ 172 trillion and ETH has 18.04% of the dominance.
ETH traded at $1,432 as of the writing of this article.
Chart for Ethereum (ETH).
After hitting $881, ETH traded in a range of $1,000 to $1275. Finally, the asset broke out on the upside and prices soared to $1665. The bulls were unable to break the resistance at $ 1,700 (lows of the previous Double Bottom pattern), and prices dropped to $1,400. The 20-day moving average of $1,275 is a strong support for ETH. The bulls could resume their uptrend if it holds above this support. The asset must break above $1,700 in order to continue its rally.
Support 2Support 1AssetResistance 1Resistance 2$1,000$1,275ETH$1,700$1,950
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