Analytics / Forex and Crypto News
After the price of Ethereum hit a low of around $1717 on July 20, it began to recover. Just like the price of Bitcoin, the price of Ethereum is showing growth today.
Risks of a further ETH rollback remain, but the $1700 level provides enough support for the price. In this area, the price will stop declining. Even if the price of Ethereum drops below $1700, it will not be long. The price will be able to recover quickly, as in this price range 355000 addresses have purchased 9 million ETH. But if the bears do break through this support level, then the price bottom is around $1400.
Let's get back to today's growth. Ethereum's price has already managed to rise above $1800 and $1900. Thus, the price recovered above the MA 100 and was able to overcome two important resistance levels. If the ETH/USD pair manages to hold above the 1900 mark, it will continue to rise to the area of 1950. Moreover, the RSI indicator is forming an uptrend and has not yet reached the overbought zone.
If the bulls run out of steam around 1900, the pair could start a correction again. However, it now has good support around $1850 and $1820.
Large investors, meanwhile, are taking advantage of the market decline and continue to buy cryptocurrency. According to Santiment, the ten largest Ethereum addresses were buying up Ethereum in June and the first half of July.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins