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Home»Altcoins»Ethereum brushes against range lows, prices to drop further?
Altcoins

Ethereum brushes against range lows, prices to drop further?

2023-07-26No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Ethereum did not have a clear trend but a retest of the range lows could produce a bounce.
  • If Bitcoin sees losses in the coming days, Ethereum could fall toward $1750.

Ethereum [ETH] saw reduced volatility this week after steadily sinking lower on the price charts since mid-July. It was likely that traders were waiting for Bitcoin [BTC] to decide upon a direction. However, BTC itself has a bearish outlook – are ETH traders justified in looking for selling opportunities?


How much are 1,10,100 ETHs worth today?


Ethereum was trading near the lows of its month-long range. Therefore, taking long positions on the token could be a more sensible approach than shorting, as a breakout beneath the range has not yet been seen.

Traders can expect the range to hold until it doesn’t – or is it more complex?

Ethereum brushes against the range lows, can prices bounce above $1900?

Source: ETH/USDT on TradingView

Ethereum has seen large deviations below the range, such as the drop to $1825 on 28 June and 7 July. This showed that brave bulls can wait for such a drop before looking to buy, although their position sizes should reflect the risky trade they would be taking.

ETH also saw a huge rally past $2000 on 14 July, followed by a pullback that was just as quick in wiping out the gains. Since then, prices have been in a bearish slump. Buyers have been weak, as evidenced by the downtrend on the OBV in the past two weeks.

See also  Ethereum hits both $1600 and a hurdle: What now?

The RSI was also below neutral 50, signaling bearish dominance.

Taking the short-term price action of ETH and BTC into account, it appeared that a dip to the $1825-$1835 offered a scalp trade buying opportunity, targeting mid-range and range-high levels at $1885 and $1935, respectively.

However, a drop below $1800-$1810 would indicate further losses were likely, and bears could wait for a bounce to sell ETH.

The negative slope of the CVD showed seller dominance

Ethereum brushes against the range lows, can prices bounce above $1900?

Source: Coinalyze

On Monday 24 July, Ethereum slid rapidly below the $1870 mark. During that time the Open Interest climbed from $5 billion to $5.2 billion, which showed strong bearish conviction and a swift influx of short sellers.


Is your portfolio green? Check out the Ethereum Profit Calculator


In the 48 hours since that drop, Ethereum prices hovered just above the $1845 mark but the Open Interest chart slid lower to show bearish sentiment and discouraged longs. The spot CVD also had a negative slope, showing sellers had the upper hand.

To the south, the H4 imbalance highlighted by the white box at $1750 was a gap that ETH prices could test.

Brushes Drop Ethereum lows prices Range
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