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Ethereum (ETH) Price Analysis for July 23

Sun, 07/23/2023 - 15:34
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Denys Serhiichuk
Is rate of Ethereum (ETH) ready to bounce back?
Ethereum (ETH) Price Analysis for July 23
Cover image via www.tradingview.com

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The situation has not changed much on the market compared to yesterday, according to CoinMarketCap's ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has fallen by 0.68% over the last 24 hours.

ETH/USD chart by TradingView

Image by TradingView

On the local chart, the rate of Ethereum (ETH) is trying to reach the resistance at $1,879. If the daily candle closes around this mark, there is a possibility to see a breakout tomorrow.

ETH/USD chart by TradingView

Image by TradingView

The opposite situation is on the daily time frame, as the rate keeps trading near the support at $1,863. If the drop continues to that mark, the accumulated energy may be enough for a decline to the $1,800-$1,820 zone.

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Such a scenario is relevant until the end of the month.

ETH/USD chart by TradingView

Image by TradingView

From the midterm point of view, the rate of Ethereum (ETH) keeps trading sideways, getting strength for a further move. As neither side has seized the initiative yet, ongoing consolidation in the range of $1,800-$1,900 is the more likely scenario.

Ethereum is trading at $1,873 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.