Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Ethereum has struggled a lot to break it's last bull cycle all time high which was $4880 and in this crypto cycle we have seen Ethereum going through a really tough time compared to Bitcoin which made a tremendous run already and even after all this the all time high is yet to be confirmed as we are still in the bull cycle.
Now let us look at the chart for Ethereum below,
Time frame - D
Shared multiple support and resistance trendlines.
Will help us predict the market.
There are multiple resistance and support trendlines in the screenshot shared above and I think I have shared the chart for Ethereum for the first time with all of you here. Those are the trendlines I have made for my personal trades and learning and you can see that most of them were accurately displayed.
But let us look at the two major trendlines at this moment for Ethereum which are really important in my opinion. You can see both of them in the screenshot below, I have zoomed in a little for better view.
The resistance from where we see Ethereum getting rejected twice is the same resistance that we tested back in December 2024. It means that is the resistance which can change the game for Ethereum if broken successfully but in the screenshot above we can clearly see that it struggles a lot.
We are once again going to test the support below which itself was a major resistance for Ethereum. You can see in the first screenshot and tell very well that this resistance was broken only twice in last 4 years and so holding it will actually be a bullish sign for Ethereum in my opinion.
In the screenshot above I have zoomed in totally to show the current situation of Ethereum. We have seen Ethereum testing that resistance and failing to break it as we all can see. It is not a bearish sign as we are still strong if Eth is above that support trendline. Now these are the technical analysis and looking at them the two important trendlines are already discussed.
Now if we look at the fundamental side, there is a tariff pause which will be uplifted on 1st August and the FOMC meeting is also around the corner so these two events are going to have a impact on market for sure. The tariff thing will have a negative impact as we all know already but FOMC reaction will be known to us tomorrow.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
