ETHUSD (Ethereum) experienced a strong pullback after peaking at 2,030 in mid-July, touching a six-month low of 1,513. Meanwhile, the digital asset has been directionless for the past month, with the price closing the gap with the declining 50-day simple moving average (SMA).
Should the positive momentum strengthen, the bulls might attack the September high of 1,670, which lies very close to the 50-day SMA. Further advances may then come to a halt at the August resistance of 1,745. Even higher, the May-June resistance zone of 1,928 could prove to be a tough one for the price to overcome.
On the flipside, bearish actions could send the price to challenge the recent six-month bottom of 1,531. Sliding beneath that floor, Ethereum could face the February low of 1,462. Failing to halt there, the price could descend towards the March bottom of 1,368.
In brief, ETHUSD has been silent for the past month, appearing unable to adopt a clear directional impetus. Moving forward, a failure to claim the descending 50-day SMA could trigger another round of weakness.
Ethereum has been in a consolidation phase for the past month
Death cross between 50- and 200-day SMAs fails to induce downside pressures
Momentum indicators suggest intensifying buying interest
ETHUSD (Ethereum) experienced a strong pullback after peaking at 2,030 in mid-July, touching a six-month low of 1,513. Meanwhile, the digital asset has been directionless for the past month, with the price closing the gap with the declining 50-day simple moving average (SMA).
Should the positive momentum strengthen, the bulls might attack the September high of 1,670, which lies very close to the 50-day SMA. Further advances may then come to a halt at the August resistance of 1,745. Even higher, the May-June resistance zone of 1,928 could prove to be a tough one for the price to overcome.
On the flipside, bearish actions could send the price to challenge the recent six-month bottom of 1,531. Sliding beneath that floor, Ethereum could face the February low of 1,462. Failing to halt there, the price could descend towards the March bottom of 1,368.
In brief, ETHUSD has been silent for the past month, appearing unable to adopt a clear directional impetus. Moving forward, a failure to claim the descending 50-day SMA could trigger another round of weakness.
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