Ethereum Technical Analysis 22 July
Ethereum crash not slowing down by any mean, at the time of writing ETH trading at 0.061 which is aproximately -50% from recent rally, not from the peak.
Right now ETH is under the 50 weekly EMA that is not a good sign for the bulls. Every time it got rejected by the 50 EMA it had a pretty nasty fall and right now we are very close to the most important trend line inside the Parallel Channel since its history and near the last swing low. The good side is that on the daily time frame RSI is oversold and it's approaching a positive zone that has been proven to be good for buying especially if we have a divergence. In addition to this on the weekly time frame we are on the spot.
0.0505-0.0535 could be a very good buying or selling opportunity. ETH Should be watched closely.
Right now ETH is under the 50 weekly EMA that is not a good sign for the bulls. Every time it got rejected by the 50 EMA it had a pretty nasty fall and right now we are very close to the most important trend line inside the Parallel Channel since its history and near the last swing low. The good side is that on the daily time frame RSI is oversold and it's approaching a positive zone that has been proven to be good for buying especially if we have a divergence. In addition to this on the weekly time frame we are on the spot.
0.0505-0.0535 could be a very good buying or selling opportunity. ETH Should be watched closely.
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