Cryptocurrencies are down today, but Ethereum is refusing to say die.
This 4-hour chart highlights how the No. 2 crypto is holding the 2130-2150 range. This area was important April 10-12, when it served as resistance before a breakout. (Expand chart to see.) Prices returned to test the zone around April 24, followed by a run to new highs.
Second, consider the 2040 zone (blue markings). That was resistance on June 24 and support on July 2. The fact ETHUSD is holding above it now represents a higher low – the first step toward a potential uptrend.
Next, stochastics have fallen to an oversold condition. That could lay the groundwork for a bounce from this higher low.
Finally, ETHUSD’s daily chart is attempting a potentially bullish crossover of the 8-day exponential moving average (EMA) above the 21-day EMA. Few other cryptos have yet achieved this feat.
A lot is going on with the EIP-1559 on the testnet and the London hard fork approaching. Ethereum hasn’t been immune from selling pressures, but it’s continuing to show intermittent flashes of strength.
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This 4-hour chart highlights how the No. 2 crypto is holding the 2130-2150 range. This area was important April 10-12, when it served as resistance before a breakout. (Expand chart to see.) Prices returned to test the zone around April 24, followed by a run to new highs.
Second, consider the 2040 zone (blue markings). That was resistance on June 24 and support on July 2. The fact ETHUSD is holding above it now represents a higher low – the first step toward a potential uptrend.
Next, stochastics have fallen to an oversold condition. That could lay the groundwork for a bounce from this higher low.
A lot is going on with the EIP-1559 on the testnet and the London hard fork approaching. Ethereum hasn’t been immune from selling pressures, but it’s continuing to show intermittent flashes of strength.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
