The ETH/USD pair started the week with growth within the framework of the general market trend and reached the area of 2430.00.
Ethereum forecast, and the ETH/USD exchange rate with 28 - 29 - 30 July 2021
The main reason for the growth throughout the cryptocurrency sector was rumors that Amazon Inc. may start accepting BTC to pay for goods. According to sources of the City AM publication, the company plans to add support for the first cryptocurrency by the end of the year, and in the future, ETH, ADA and BCH will also be used as a means of payment. The issuer is also preparing for the launch of its own token. Later, representatives of Amazon Inc. denied this information, saying that they have no specific plans for digital currencies, despite the interest in the industry. Against this background, the market was corrected downwards, and the price of ETH reached the level of 2200.00, which is now being traded.
An additional medium-term support factor for the token is also the outflow of ETH from exchanges. Investors are accumulating the coin in anticipation of further price growth after the merger of the Ethereum and Ethereum 2.0 networks.
Support and resistance levels
The price left the "descending triangle" and reached six-week highs in the area of 2430.00, but could not stay there and rolled back to the resistance zone of 2187.50-2222.00 (Murray [2/8], Fibo correction of 50.0%) within the framework of the cryptocurrency forecast. If the instrument is fixed below it, it will be possible to further decline to the levels of 2031.25 (Murray [1/8], the middle line of the Bollinger bands) and 1875.00 (Murray [0/8]). The key level for the bulls is 2343.75 (Murray [3/8]). Its breakdown will give the prospect of further growth to the levels of 2500.00 (Murray [4/8]) and 2656.25 (Murray [5/8], Fibo correction of 38.2%).
Technical indicators do not give a clear signal: the Stochastic leaves the overbought zone, forming a sell signal, the MACD histogram is preparing to move into a positive zone.
Resistance levels: 2343.75, 2500.00, 2656.25.
Support levels: 2187.50, 2031.25, 1875.00.
Thus, the forecast of Ethereum, and the ETH/USD exchange rate for today and 28 - 29 - 30 On July 2021, short positions can be opened below the level of 2187.50 with goals of 2031.25, 1875.00 and a stop loss of 2295.00. Implementation period: 5-7 days.
Long positions should be opened above the level of 2343.75 with goals of 2500.00, 2656.25 and a stop loss of 2257.00.