Ethereum Price Analysis: ETH Loses 1.8% as the Market Remains Choppy

Ethereum Price Analysis: ETH Loses 1.8% as the Market Remains Choppy

Ethereum price opened the day in the green as bulls attempted to launch an upswing beyond the $2,000 resistance level. ETH lost 1.88% against the dollar over the last 24 hours with bears determined to stretch the bearish leg that started on July 07. This was after exploring levels around $2,400 and held support around $2,170. At the time of writing Ethereum was trading in the red at $1,922.

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Ethereum Price Stuck Between the 20-day SMA and the $1,860 Support

The four-hour chart shows that the Ethereum price has been struck between the 20-day SMA and the $1,860 support line. This points to a sideways price action amid as the market indecision becomes apparent. The appearance of three doji sticks over the last three trading sessions yesterday validate the indecision in the market as the Ethereum bulls and bears cancel out.

Note that on the same four-hour chart, Ethereum price presented a signal for an upward price action, suggesting that ETH uptrend could be seen in the near term. Moreover, the Moving Average Convergence Divergence (MACD) indicator validates Ethereum price consolidation by its sideways movement. In addition, the position of the MACD line (blue) above the signal line hints at a possible uptrend.

Ethereum Price (ETH/USD) Four-Hour Chart

Ethereum Price Uneventful as Bulls and Bears cancel

The market indecision displayed by the Ethereum price is validated by the Bulls and Bears Indicator by IntoTheBlocks. Generally, the 7-day difference between bulls and bears is negative pointing to more sellers than buyers. The chart indicates that the total volume of ETH tokens traded by the bulls and bears. Note that, the most important information here is the differences in trading volumes by the bulls and bears.

ETH Traded by Bulls and Bears Between June 22 and July 15

The chart indicates that bears traded approximately 190,000 million more ETH than bulls over the last 7-days. However, this difference, as shown by the blue line in the middle of the chart is neutral (at zero) pointing to a consolidating market as the pressure from bulls and bears cancels out. The indecision in the market yesterday is validated by the fact that bulls traded only 85,700 more ETH than bulls. In general, the equilibrium between the buyers and sellers points out to an indecision in the market.

What is Likely to Happen?

Note that if the market moves in favour of bulls, they should target overcoming the 20-day SMA towards the $2,000 psychological level. A daily close above this level could bolster bulls to push the price to $2,200 which corresponds to the 100-day SMA and even test the $2,400 two-week high.

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If the Ethereum price favours bears, ETH could retest the $1,860 crucial support level, before a further drop to $1,713 retesting the June 26 low.

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Vitalik Buterin Is Involved in a New Documentary About Ethereum

A documentary film team is working on the first feature-length documentary about Ethereum – and they’re looking for ETH donations to fund it.

“Ethereum: The Infinite Garden” will feature interviews with various people involved in the development of the world computer, including the network’s co-creator, Vitalik Buterin, and Aya Miyaguchi, the executive director of the Ethereum Foundation.

The film production company Optimist is behind the documentary, with Carrie Weprin producing and Zach Ingrasci and Chris Temple co-directing. Weprin and Ingrasci had both been aware of the crypto ecosystem before getting involved in the project, but they said the interviews they’ve done for the film really turned them into Ethereum fans.

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Funding for “Ethereum: The Infinite Garden” is taking place on Mirror until Friday, July 16, with a goal of raising 750 ETH (about $1.5 million at today’s prices). As of press time, 67 people had contributed a total of 60.3 ETH.

For the filmmakers, crypto crowdfunding felt like the most authentic way to raise funds for the film because it allows members of the community to get involved and shape the outcome of the project, which is still currently in the early stages of development.

“I think it’s so exciting that a DAO [decentralized autonomous organization] could be our executive producer,” Ingrasci said. “That would be the first time that’s ever happened for a film. For sure the executive producer will be someone from the community. This is why we wanted to involve the community as early as possible.”

Non-fungible tokens (NFTs) designed by crypto artist pplpleasr are available for purchase on Mirror, with each denoting a level of involvement in the project.

Morgan Beller, co-creator of libra and now an investor at NFX, connected the Optimist team to Buterin.

“I’ve always thought Buterin deserved to have his story out there. The whole Ethereum team is just so pure, authentic, kind and wonderful,” Beller said, adding:

“If you’re first learning about Ethereum and you’re not a crypto person, you don’t necessarily see that side. But I always thought that if the world were able to somehow see and understand where this is all coming from, the heart and thoughts behind it, people would both understand it and be more supportive.”

Latest Ethereum price and analysis (ETH to USD)

Ethereum remains trapped in a tight range during a period of extremely low volatility. Short term support continues to prop price just below the $2,000 mark, while $2,050 has become a bitter point of resistance on the lower time frames.

Higher time frames paint a more dreary macro picture for Ethereum, with the weekly 21 exponential moving average becoming a stubborn point of resitance to the upside at $2,175.

It’s worth noting that anticipation around Ethereum’s upcoming London fork is gathering momentum. An event like this will typically see the price of the underlying asset rally into the event, before selling off rapidly afterwards.

This could prompt Ethereum to break its bearish structure and mount a charge to the upside, with extended targets up at $2,400 and $2,630.

ETHUSD chart by TradingView

However, it’s almost impossible to ignore the glaring similarities of this year’s price action with the bubble pop and subsequent bear market in 2018, particularly as Ethereum is now trading 54% lower than just two months ago when it achieved an all-time high of $4,400.

In 2018, Ethereum succumbed to intense sell pressure with an eventual draw down of more than 94%. A plunge of that magnitude this time around will take Ethereum to around the $250 mark, which incidentally was a firm level of resistance throughout 2019 and 2020.

In order for Ethereum, as well as the wider cryptocurrency market, to regain a bullish posture, it needs Bitcoin to prove its naysayers wrong with a convincing rally above the $50,000 level on convincing volume, which will likely only happen if a major South American country adopts Bitcoin as legal tender.

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About Ethereum

ETH was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.

Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy in to his proposal.

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