- ETH price remains on an 11-day uptrend but capped below $2500.
- Ethereum awaits the August 4 upgrade amid a recovery in hash rate.
- The coin at risk of a bearish reversal due to impending death cross on the 1D chart.
Amid sluggish trading seen across the crypto market this Saturday, Ethereum price remains trapped in a narrow range around $2450, potentially contemplating the next move.
In doing so, ETH price consolidates its ten-day winning streak, hovering close to monthly highs just shy of the $2500 mark.
The buying interest around the world’s second most traded digital asset remains unabated ahead of its upgrade, known as Ethereum Improvement Proposal (EIP) 1559, which is set to go live on August 4.
The upgrade is expected to alter the transaction costs while reducing the supply of the ether token, which could power the ETH price sharply higher. Further, the recovery in the hash rates also keeps the bullish tone intact around Ethereum.
As of writing, ETH/USD is trading at $2463, modestly flat on the day. Ethereum is gaining 14% on a weekly basis.
ETH/USD’s upside appears faltering as technical indicator warrants caution
Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation.
The 200-Daily Moving Average (DMA) is set to cut through the 50-DMA from below, with a confirmation on a daily closing basis to indicate the potential for a major sell-off.
The death cross validation could call for a bearish reversal, opening floors towards the 50 and 200-DMAs confluence near $2140.
The initial support could emerge at the July 7 highs of $2411, below which Friday’s lows of $2318 could be tested.
The $2250 psychological level could come to the rescue of ETH bulls should the downside pressure intensify.
ETH/USD: Daily chart
However, with the 14-day Relative Strength Index (RSI) still trending above the midline, the ETH buyers could defy the death cross warning and resume the uptrend to retest $2500.
The next relevant bullish target is placed at the 100-DMA at $2538. ETH bulls would seek fresh entries above the latter, exposing the $2600 round number.
ETH/USD: Additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.