Ethereum ETH / USD is in the zone of the 21 SMA after having reached the high of $2,400. It is now making a correction towards the support of the uptrend channel.
The eagle indicator, that measures market strength and volume, is showing a bearish signal. We believe that it could be a correction for a new bullish wave that could give momentum to the level of 4/8 murray around $2,500.
According to a new report from leading cryptocurrency exchange Coinbase, Ethereum's trading volume grew faster than Bitcoin's one during the first half of this year.
This data could be encouraging as many analysts believe that Ethereum will be the cryptocurrency of the future that could cost more than BTC.
Looking at the ETH chart, there could be bullish momentum. As long as it remains above 2,280, the 21 SMA zone, it will be a good opportunity to buy with targets at $2,420 and $2,500.
Conversely, if ETH consolidates below the 21 SMA, there could be a trend reversal and it could be a selling opportunity targeting the 200 EMA located at the $2,031 psychological level.
Support and Resistance Levels for July 29 - 30, 2021
Resistance (3) 2,450
Resistance (2) 2,396
Resistance (1) 2,326
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Support (1) 2,235
Support (2) 2,181
Support (3) 2,019
The material has been provided by InstaForex Company - www.instaforex.com