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Ethereum (ETH) Price Analysis for July 17

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Sun, 17/07/2022 - 14:15
Ethereum (ETH) Price Analysis for July 17
Cover image via www.tradingview.com

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Buyers keep setting new local peaks as the top 10 coins are in the green zone.

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Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has risen by almost 15% over the last week.

ETH/USD chart by TradingView

In the local time frame, Ethereum (ETH) is stuck between the support at $1,313 and the resistance at $1,386. The price is closer to the upper level at the moment, which means that bulls are more powerful than bears.

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If the pressure continues, there is a chance to see the leading altcoin near the $1,400 mark by the end of the day.

ETH/USD chart by TradingView

On the daily chart, Ethereum (ETH) is fixed above the vital level at $1,281. While the price is above it, bulls control the situation on the market. In this case, the more likely scenario is sideways trading between $1,300 and $1,400, so bulls could accumulate energy for a further upward move.

ETH/USD chart by TradingView

From the midterm point of view, Ethereum (ETH) is looking bullish as the price has broken the $1,300 mark. Thus, the buying volume is rising, which means that one can expect an approximate rate of $1,500 within the next few weeks.

Ethereum is trading at $1,356 at press time.

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