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    Baxia Markets
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    July 28, 2021

    Ethereum unable to break resistance at $2,345

    technical analysis top header -01The cryptocurrency had a seven-day winning streak that might come to an end after not consolidating the breakout at $2,345, which is at the 23.6% Fibonacci retracement.

    The Bollinger bands are opening up at the edge, but the crypto trades very close to the upper band, suggesting that the price is relatively high.

    The price trades inside the Ichimoku cloud, and this is interpreted as market uncertainty. The cloud indicates that a downtrend can be expected in the short term.

    The relative strength index is at 58%, allowing the pair to continue its uptrend; we would have to wait and see if the resistance breakout can be completed.

     

    ETH July 27th 2021

    Our parabolic SAR indicator suggests that the price will continue to go up, and since the RSI is not close to being overbought, the price might keep moving up.

    The short and long-term moving averages are very close to a crossing; if this happens, there could be a trend reversal in the short term, and we could see the price in the $2,500 very soon.

     

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