ETH/USD Retests Double Top 2,285 Level – Is it a Good Time to Sell?

The ETH/USD closed at $2,274.99, after placing a high of $2,274.99, and a low of $2,159.56. The currency pair rose for the 5th consecutive session on Wednesday, posting three white soldiers on the daily chart, which suggested a bullish continuation. The hype surrounding the NFT has decreased to some extent, but Twitter became the largest entity to drop its own NFT collections, despite this. Twitter revived the fading NFT craze by launching a collection on the Ethereum-based marketplace.

On Wednesday, the social media platform, Twitter, revealed that it had created 140 NFTs that will be freely distributed to 140 users. While the NFTs were free, about seven of them have already been listed on the Ethereum-based platform, Raible. The sale is being made with a “not for sale” disclaimer.

Furthermore, CoinMarketCap unveiled that it has launched a token swap feature through integration with Uniswap, and has mentioned that it will support extra DEXs and networks soon. CMC is one of the most popular crypto market data aggregators globally, and it has been owned by Binance since April 2021. The Ethereum-based token pages of the website now feature a swap-icon that will enable the users to link a wallet and swap between a variety of ERC-20 tokens.

Meanwhile, the net inflow of funds into Ethereum, due to the upcoming EIP-1559 upgrade, has recently raised the ETH/USD prices. In the upcoming London hard fork, the scheduled EIP-1559 upgrade promises to resolve the gas fee crisis on Ethereum, that has kept the network from reaching its peak. The upcoming upgrade is expected to make transaction costs more stable and burn gas fees with each transaction. If it is successful, the upgrade would make ETH a deflationary asset, where supply reduces over time.The rising inflows of the funds in Ether could be attributed to the first testnet, Ropsten, that went live last week. The second tenet of the London hard fork, Goreli, was scheduled for Wednesday, June 30, which drove the ETH/USD prices higher on the day. The third testnet, which goes by the name of Rinkeby, will be launched on July 7.

On the other hand, the overall recovery of  the cryptocurrency market, led by Bitcoin and the latest $50 million investment in Ethereum Classic, by the Digital Currency Group backed by Barry Silbert, added strength to the ETH/USD. The market value of the Ethereum Classic tokens in circulation has crossed the $7.53 billion mark.

Support            Resistance
2,198.03          2,313.46
2,121.08           2,351.94
2,082.60         2,428.89
Pivot Point:    2,236.51The ETH/USD coin is trading at 2,112, having plunged from the 2,283 double top level. Ethereum has recently closed a bearish engulfing candle, supporting a strong selling reversal in the ETH/USD. On the lower side, the upward trendline will be extending support to the ETH/USD price at the 1,892 level, where the breakout of the 1,892 level could extend the selling trend until levels around 1,695 and 1,433. Let’s keep an eye on 2,283 for a sell. Good luck!