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Trading Signal for Ethereum, ETH, for July 27 - 28, 2021: Buy above $2,187

analytics61002513daaa1.jpg

The Ethereum ETH / USD is trading above the 2/8 murray and above the 21 SMA, showing bullish strength, although the eagle indicator is showing an overbought signal.

The cryptocurrency market received a bullish boost on Sunday, following news from an anonymous source within Amazon that proclaimed that the company is planning to accept payments in Bitcoin by the end of 2021.

This news was very favorable for BTC. Other cryptocurrencies quickly followed suit. In particular, Ethereum gained momentum to break above the resistance level of 2,187.

Although we believe that only the market was waiting for some pretext, or it could be a bubble for a stronger fall in the medium term.

Although the institutional recognition of digital assets like Ethereum is on the rise, some analysts still see cryptocurrencies only as a speculative asset. Man Group CEO said that cryptocurrencies are a pure trading instrument with no inherent value.

Ethereum has tested the zone $2,187, there is 2/8 of murray, you can see the break and pullback on the chart. Sustained buying by the bulls has pushed the price above the 2,187 level and is now targeting the 4/8 of murray around $2,500 in the short term.

Our recommendation is to buy if ETH bounces in the area where the 21 and 2/8 Murray SMA converge with targets at 2,500. If it exceeds this level, analysts believe that it could quickly rise to the psychological level of $ 3,000.

Support and Resistance Levels for July 27 - 28, 2021

Resistance (3) 2,501

Resistance (2) 2,411

Resistance (1) 2,326

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Support (1) 2,124

Support (2) 1,990

Support (3) 1,843

The material has been provided by InstaForex Company - www.instaforex.com