The Ethereum price could not form a bullish candlestick formation on the monthly chart. In addition, the ETH price could now fall 10 – 15% in the short term.
Ethereum price could not close above $1,940.5
Ethereum Price Chart by Tradingview
The Ethereum price did not manage to form a bullish candlestick formation on the monthly chart and close above $ 1,940.5. After all, the ETH price was able to close above the 50-month EMA at around $ 1,552, averting an extremely bearish scenario.
Nevertheless, the ETH price closed below the horizontal resistance at around $ 1,720, which looks like a correction in the short term. In addition, the 0.382 Fib resistance remains unmatched at around $ 1,920 and the MACD is still clearly bearish on the monthly chart. The MACD lines remain bearishly crossed and the histogram also ticked bearishly lower in July.
However, it would have been almost enough for a bullish histogram ticking higher, which means that a bullish reversal of the histogram is in prospect, provided that the ETH price closes higher in August than in July.
Ethereum price is still clearly bullish on the weekly chart
Ethereum Price Chart by Tradingview
In addition, the ETH price was able to close above the 200-week EMA, which is bullish. In addition, the MACD lines in the weekly chart have now crossed bullish and the histogram continues to tick bullish higher.
In the medium term, the ETH price could still rise to around 1,920 USD and if ETH breaks this resistance, Ethereum could even rise to between $2,358 and $2,600. Ethereum then encounters significant resistance at two Fib levels and the 50-week EMA.
Daily chart shows double bearish divergence
Ethereum Price Chart by Tradingview
Despite the bullish outlook in the medium term, it looks strongly like a correction in the short term. Thus, the daily chart has a bearish divergence in the RSI and histogram the MACDs, which means that a decline in the share price 0.382 Fib Nivthe eau or the 50-Day EMA it’s close.
In addition, the MACD’s histogram has been ticking bearishly lower for two days now. With this, Ethereum could now correct between 1,440 and 1,493 USD.
Should Ethereum not be able to bounce back strongly from this in order to continue the upward movement, significant Fibonacci support is waiting for the ETH price at around USD 1,200 at the latest.
The Golden Crossover in the 4H chart remains intact
Ethereum Price Chart by Tradingview
In contrast to the daily chart, where the MACD lines are still crossed bullish, the MACD lines in the 4H chart are already crossed bearish and the histogram is also ticking bearishly lower. Nevertheless, the Golden Crossover remains intact, which means that the trend remains bullish in the short term.
So, it looks like a correction in the short term, with subsequent chances of a continuation of the upward movement towards the $ 1,920 mark.
Ethereum Dominance Continues to grow
Ethereum Dominance Chart by Tradingview
The Ethereum dominance continues to increase and so the MACD is clearly bullish on the weekly chart. The histogram is ticking bullish higher and the MACD lines are crossed bullish. At around 22%, ETH dominance is encountering significant Fibonacci resistance, which Ethereum had already failed at the end of 2021.
Ethereum finds support at the 50-week and 200-week EMA, at around 18 and 16%, respectively.
Crypto Market Capitalization Picks Up Price Target at Around $1.1 Trillion
Crypto Market Capitalization Chart by Tradingview
Just two days after Bitcoin, Ethereum and the crypto market hit rock bottom, we suggested that the market capitalization will now rise to around $1.1 trillion. On June 20, we wrote:
“Thus, the crypto market reached the upper limit of the support zone between 535 – 766 billion USD, from which the crypto market is already bouncing strongly. The market capitalization of the crypto market could now rise to around USD 980 billion or USD 1.1 trillion, because the crypto market is encountering significant Fibonacci resistance there.”
In fact, the market capitalization of the crypto market reached the Golden Ratio last week at around $ 1.1 trillionafter the crypto market was rejected at the 200-week EMA the previous week. In fact, the weekly candle also closed last week below the 200-week EMA, which makes it look rather bearish in the short term.
Which Market capitalization of the crypto market could be around now $977 Billion correct. If this support breaks bearish, the next significant Fibonacci support is waiting at around 895 billion USD.
However, it remains likely that the crypto market will bounce strongly at the 0.382 Fib support at around $ 977 billion, after all, this shows Histogram of the MACD in the weekly chart clearly bullish and the MACD lines are on the verge of a bullish crossover.
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