ETH: Why a bullish crossover could help buyers

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ETH, the largest altcoin, may be ready for a run despite the hype surrounding the upcoming merger, Ethereum once again failed to stabilize above the $ 1,620 area.

After reversing the trend line resistance towards the support, the buyers maintained their strength by breaking the 23.6% and 38.2% Fibonacci resistances. A possible recovery of the short-term EMAs would stop the continuation of the uptrend in the coming sessions. ETH was trading at $ 1,527.7, down 4.92% over the past 24 hours.

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ETH: price update

The flagship coin had a nice trip on July 24, breaking above $ 1,640 before falling back to $ 1,540.

In anticipation of the merger, the cryptocurrency market expected Ethereum to break out of its current resistance of $ 1,620. But right now, ETH is back in negative territory. Therefore, the commercial masses did not believe the hype around Merge.

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The coin has achieved an ROI of over 50% since its July 13 low and hit the 50% Fibonacci resistance. Since then, ETH has consolidated in the $ 1,500- $ 1,600 range.

The double floor structure livened up this buying pressure Any bullish crossover on the 20/50 EMA would help buyers escalate their buying frenzy. In this case, potential targets near the 61.8% Fibonacci resistance would remain in the $ 1,850 area.

The relative strength index held its position above the midline to reflect a buying advantage. Traders should look for a rally towards or below equilibrium for bullish invalidation opportunities.

Furthermore, the DMI lines continued to provide a strong selling advantage with a strong directional trend for ETH.Although trading volumes have decreased, any upside in the volume oscillator could lead to higher volumes.

In the current market structure, traders are pessimistic about the possibilities for ETH prices to rise.

At the next meeting (Fed FOMC), the 78% interest up 75 basis points and 21% from 100 basis points. In addition, the June PCE core price index and US QoQ Adv Q2 GDP growth rate will also be released this week.

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Final comments

Holders of ETH continue to show confidence despite bearish signals from the market. In fact, at the time of writing, the number of non-zero addresses on Glassnode has reached an all-time high (ATH) of 84,381,102.

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