Ethereum - ETH/USD Chart

Ethereum Sideways Trading Continues – Brace for a Breakout Trade

Posted Monday, July 19, 2021 by
Arslan Butt • 2 min read

The ETH/USD closed at $1,891.04 after placing a high of $1,991.67 and a low of $1,879.70. The ETH/USD was on the back foot during Sunday’s trading session, after a co-founder of Ethereum, Canadian billionaire Anthony Di Lorio, said he was done with crypto, partially due to personal safety concerns. Moreover, he also revealed his plans to sell Canada’s leading blockchain setup, Decentral Inc. in the coming weeks.

Two years ago, Di Lorio announced his retirement from Decentral and left his position as part of the advisory board; however, he soon returned to play a management role in the firm. He did not comment much on his safety, but he believed that he would be safer if he distanced himself from crypto. He said that he did not feel safe in the space and wanted to focus on larger problems. He tried to shift his focus to a philanthropic venture, stating that he had become a crypto guy, and he did not want to be known by this name. Instead, he wants to be known as a problem solver. Di Lorio’s self-retirement added weight to the ETH/USD, as he was a co-founder of Ethereum.

 

ETH/USD

Meanwhile, Jack Dorsey announced earlier that Square Inc. is building a new open-source platform for non-custodial Bitcoin services  In response to this, the founder of Aave, Stani Kulechov, said that his protocol should build Twitter on Ethereum. This suggestion came in after Jack Dorsey said he was developing a BTC-centric financial service platform with similarities to Aave. On the other hand, the ETH/USD also remained flat across the board, as the US dollar remained high and dragged the cryptocurrency down, due to the negative correlation. The US Dollar Index found support, reaching 92.76 amid positive economic data, which kept the ETH/USD under pressure.

Ethereum - ETH/USD Chart

Ethereum – ETH/USD – Daily Technical Levels

Support             Resistance
1,859.94            1,928.14
1,820.59            1,956.99
1,791.74             1,996.34
Pivot Point:      1,888.79

Ethereum – ETH/USD – Technical Outlook

The second most traded cryptocurrency, ETH/USD, is trading in a narrow range of 2,005.96 to 1,827.65. It looks like the traders aren’t getting good enough fundamentals to drive the trend. Therefore, trading in the ETH/USD continues to be choppy.

It’s a breakout opportunity, as the violation of the 2,005 level on the higher side could lead Ethereum to 2,195. At the same time, a bearish breakout at the 1,827 support could offer a selling opportunity until the 1,725 level. The technical indicators, like the RSI and the 50 EMA, support a selling trend; therefore, the odds of a bearish breakout will be higher. Good luck!

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