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    Baxia Markets
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    July 21, 2021

    Ethereum could start a recovery

    technical analysis top header -01Etehreum rebounds after getting close to support level at $1,700. Investors reacted and drove the price of the asset up more than 4%

     

    The Bollinger bands are opening, and this will bring higher volatility to the pair; the price was trading below the lower band and considered relatively low, which allowed the price to get a boost from investors and get a 4% + gain.

    The relative strength index is at 41%; this will allow the pair to continue climbing before reaching an overbought status, one that we have not seen since May 2021.

     

    ETHUSD July 20th 2021


    The gap between the short and long-term moving averages is narrowing down; there could be a line crossing very soon if ETHUSD continues closing with gains.

    The next resistance level is at $1,918 and then $1,994. Keep an eye on these levels as they represent previous highs during the last trading sessions where the crypto closed with a loss.

    Our closest Fibonacci retracement at 23.6% is $2,329, which is more than $400 away, it is not likely that the price will reach this level any time soon, but some progress might have been made.

     

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