Ethereum (ETH): The last attempt? July 18, 2023 analysis

After rejecting the $2.1K mark, the Ethereum price twice unsuccessfully tested the psychological $2,000 threshold.

Three times the charm?

Ethereum is currently trading above $1,900. It is still within its bullish channel, which began in early 2023.
ETH’s latest ups and downs enabled the last daily candle to close as a hammer. From a chartist’s point of view, we can see an “inverted shoulder-head-shoulder”. Each of these factors is encouraging for a bullish scenario. As far as indicators are concerned, Ethereum is above its daily moving averages, which are crossing and pointing upwards. On the oscillator side, there’s nothing to report apart from a daily RSI slightly above 50.

Assumptions for the Litecoin price

For a bullish scenario, we can therefore envisage a rise to the last annual ATH, i.e. close to $2.1K. If this last level is broken, then we could have higher targets around $2.3 and more if the bulls are really present.

For a bearish scenario, we can first imagine a return to $1.8K. If this level is broken, we could see a structural change that could initially take us to $1.6K. This could lead to the formation of a “double top”, which would be conducive to a bearish continuation.

Conclusion

In the midst of a consolidation phase, Ethereum is currently seeking its way forward. There’s every reason to believe that the second-most-capitalized cryptocurrency should perform well in the near future. However, one can never be sure of anything. So it will be important to keep a close eye on how the price reacts on the various identifiable levels, to confirm or refute the various assumptions made. Beware of potential “fake outs” and “market squeezes” on each of these situations. And remember that these scenarios are based solely on technical analysis. Cryptocurrency prices may evolve more or less rapidly, depending on other, more fundamental factors.