The Ethereum Project token ended the previous seven-day period with a solid 16 percent increase after touching the horizontal support on the weekly timeframe right below $2,000. The trading session on Sunday, July 4 was a good one for bulls and the ether closed above the $2,300 line for the first time since June 18,
On Monday, the ETH/USDT pair erased all gains and fell below the 21-day EMA and the mentioned resistance. Still, it found stability near the diagonal uptrend line.
The second day of the workweek came with another jump in price and a daily candle close at $2,320. The leading altcoin was without a doubt in an uptrend but it was lacking the necessary bullish momentum to support a solid breakout up to $2,500.
On Wednesday, July 7, buyers pushed the price to $2,415, but the move was fully retraced later in the evening.
The overall sentiment in the market was bullish given the upcoming Ethereum network upgrade expected in early August. However, crypto once again surprised both traders and analysts dropping heavily on Thursday. As of the time of writing ETH is at $2,147, 11 percent South of yesterday’s peak.
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