Ethereum (ETH / USD) is trading below the 200 EMA located at 2,250. The bias may get more bearish if ETH consolidates below the psychological level of $ 2,000.
Last week, ETH / USD consolidated above the 200 EMA, reaching the 2,400 area. Amid the downward pressure, profit-taking by short-term traders and short positions by the most aggressive bears weakened Ethereum. Now, a drop to the 1,875 zone is expected.
On the other hand, the bulls are aggressively defending the psychological support and level of $ 2,000. If the buyers manage to push the price above the moving average of 21 and 200 ($2,201), ETH could rally to the resistance zone of 4/8 murray around $ 2,500.
Our recommendation is to sell below the 200 EMA with targets at 1,875. On the contrary, a consolidation above 2,250 will be a new opportunity to buy through the 2,500 zone.
Support and Resistance Levels for July 12 - 13, 2021
Resistance (3) 2,229
Resistance (2) 2,188
Resistance (1) 2,156
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Support (1) 2,083
Support (2) 1,975
Support (3) 1,826
The material has been provided by InstaForex Company - www.instaforex.com