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Ethereum (ETH) Price Analysis for July 26

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Wed, 26/07/2023 - 18:00
Ethereum (ETH) Price Analysis for July 26
Cover image via www.tradingview.com

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Buyers are trying to keep the rates of coins in the green zone, according to the CoinMarketCap ranking.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

The price of Ethereum (ETH) has risen by 0.13% since yesterday.

ETH/USD chart by TradingView

Image by TradingView

On the local chart, the rate of Ethereum (ETH) is testing the resistance level at $1,860.50. At the moment, traders should focus on the bar's closure. If it happens around that area, the breakout may lead to a blast to the $1,870 zone shortly.

ETH/USD chart by TradingView

Image by TradingView

On the bigger time frame, the price of ETH remains bearish as the rate has not bounced off far from the support level. In addition, the buying volume is low, which means that bulls are not ready yet to buy the coin.

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In this regard, sideways trading between $1,850 and $1,870 is the more likely scenario until the end of the week.

ETH/BTC chart by TradingView

Image by TradingView

A positive picture can be seen on the daily chart against BTC as the rate is closer to the resistance than to the support. If the price reaches the 0.064 mark and fixes there, one can expect a quicker test of the upper level of 0.06435.

Ethereum is trading at $1,859 at press time.

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