Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Ethereum is consolidating around the yearly highs. $2,000 proves to be stiff resistance. appeared on coinjournal.net by Mircea Vasiu.
- Ethereum is consolidating around the yearly highs
- $2,000 proves to be stiff resistance
- ETH/USD price action holds between a $1,000 range since May 2022
There is only one trading day left in July, and the cryptocurrency market is consolidating. That is particularly true of major cryptocurrencies such as Bitcoin or Ethereum, as they both hover around their yearly highs against the US dollar.
Ethereum found strong resistance at the $2,000 area in 2023, just as it found strong support at $1,000 last year. The question now is whether resistance holds and the price will be sent back to $1,000? Or will bulls manage to push over resistance, and the rally will continue in the last months of the year?
ETH/USD remains bullish while the price holds above $1,000
The rally in the cryptocurrency market seen in 2023 triggered enthusiasm among cryptocurrency investors. However, without more follow-through, the bullish sentiment will dissipate soon.
A quick look at the chart above reveals a $1,000 range since May 2022. More precisely, the market moved between $1,000 and $2,000, clearly with an upside bias but failing to make a meaningful break higher.
Since touching the $1,000 support level in 2022, ETH/USD started a series of higher highs and higher lows, typical in bullish formations. Because the higher lows formed against horizontal resistance, it looks like the market builds energy to break higher. However, the bullish bias should hold only if the price does not break the higher lows series.
If it does, the focus suddenly turns to the $1,000. A clear break there brings back the previous head and shoulders pattern with a measured move much lower than $1,000.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on coinjournal.net by Mircea Vasiu – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!