Ethereum July 17, 2023 – The Crypto Prince Caught in the Crossfire

Binance at lightning speed – This is today’s news: Binance has just joined the Lightning Network from Bitcoin to its platform. The Lightning Network enables transactions to be made quickly and at a lower cost. As for him ethereum price is much less electrifying. In fact, the course fails to stay above $2,000. A new week begins, can the sellers keep pushing the price?

Ethereum price drops more than 1% in 24 hours

Ethereum starts the week in the red. Actually the price of Ethereum decrease of more than 1% in 24 hours :

Ethereum Performance Against Different Pairs – Source: Coincheckup

In one week, the price of Ethereum shows a increase of more than 2%. In a month, the second capitalization of cryptocurrencies is in increase of almost 10%. Against Bitcoin, Ethereum shows a 2.3% increase in one weekbut a 3.5% decrease in one month. Is Ethereum Regaining Strength Against Bitcoin? If that is the case, altcoins could benefit.

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Ethereum price remains below resistance at $2,000

Last week, Ethereum tried to break resistance of $2,000. The sellers have emerged and the price remains below this weekly resistance :

Ethereum price stalls at the resistance level at $2000 - July 17, 2023.
Ethereum Price vs Dollar (1W)

The course develops between institutional bias (EMA 9/EMA 18) bullishand resistance of $2,000. You will have to resume the level on $2,000 as a support to hope to pass the course at the level of resistance at $2,400. In case of refusal, the course could join bullish trend line which is currently on support at 1,750 dollars. As long as this trend line holds, the price can sustain a uptrend.

RSI develops at the level of bullish trend line. A rebound must happen quickly to avoid leaving momentum to the sellers.

Ethereum price falls below support at $1,920

Ethereum is slipping dangerously below support at $1,920 :

Ethereum price drops below support at $1,920 - July 17, 2023.
Ethereum Price vs Dollar (4H)

If the buyers don’t show up soon, the price may join the next one support located at $1,850. On the other hand, if the price resumes the level of support at $1,920he could rejoin resistance of $2,000. A closing in 4 hours beyond the last high of $2,030 could give the course the opportunity to participate in the next one resistance at $2,100. For its part, the RSI is back at level with bearish trend linecould a rebound occur to allow buyers to maintain momentum short term.

The course ofEthereum remains firmly below the $2,000 weekly resistance. If the buyers do not show up soon, the price could quickly return to the weekly support level of $1,750. In the 4H time frame, the price slips below the $1,920 support. Buyers need to react to avoid another wave of declines that could bring the price back to $1,850.

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