Trading The Ethereum Chart Support And Resistance
Cryptocurrency Ethereum rallied over 10% in the last week. There were three major factors.
1. Ethereum tagged major technical support on July 8th at $2,825.
2. Mega cap tech stocks sold-off. Money flow appears to have headed into crypto.
3. Five Ethereum ETF's set to debut in the coming week are triggering excitement.
Overall, Ethereum is slightly overbought and may see a pull back in the coming week once the ETF's launch. However, it has broken above a key support levels so pullbacks favor a buying opportunity.
As long as Ethereum does not drop below $2,900, probability favors further upside. Note the chart above for key levels of support and resistance.
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