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Ethereum (ETH) Price Analysis for 26/07

Could the decline of Ethereum (ETH) be as sharp as its rise?

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Cover image via CryptoComes.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market has remained bullish over the weekend as all coins from the Top 10 list are in the green. 

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

The total amount from the majority of the coins has affected the cryptocurrency capitalization index, which has increased by almost $30 billion. Currently, the value sits at $298 billion.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

Below is the relevant data for Ethereum (ETH) and how it's looking today:

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  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $35,150,803,392

  • Price: $314.08

  • Volume (24H): $12,258,636,955

  • Change (24H): 10.92%

The data was relevant at press time.

ETH/USD: How Long Can the Bulls Stay Above $300?

Ethereum (ETH) is the second top gainer after Cardano (ADA). The rate for the leading altcoin has increased 10.92% since yesterday, while the percentage amount from the weekend has gone up 33.83%

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Looking at the hourly time frame, Ethereum (ETH) has already achieved the overbought zone. This is based on the data from the Relative Strength Index (RSI), which is forming a bearish divergence. 

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Even though the trading volume remains at the relatively high level, ETH's liquidity is low. This means that the interest to buy at the current levels has dropped. In this particular case, there is a probability of seeing a correction to its closest support at $309 very soon.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Looking the daily chart, the altcoin is also overbought, and a correction will start soon. ETH's trading volume has slightly increased against the ongoing rise, which means that a reverse may soon occur. As the more likely scenario, the bears may take back Ethereum (ETH) to the $280 area in order to maintain strength for a continued rise.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Looking at the weekly time frame, Ethereum (ETH) has come back to the area that it reached about a year ago. The trend remains bullish; however, it is unlikely that the level will break for the first time. Respectively, there might be a decline along the border of the rising channel at $278.

At press time, Ethereum was trading at $314.67.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com