Ethereum stays range bound
Ethereum bullish case:
Ethereum has been trading back above its 200-day simple moving average (SMA) at $2,487.97 for the past week. This is encouraging for the bulls.
An advance above Sunday’s $2,605.07 high, would likely put the early July peak at $2,635.78 back on the cards.
If bettered, the May highs at $2,737.17-to-$2,788.12 may be reached as well ahead of ethereum’s early June 5-month high at $2,879.45.
Were this level to be overcome, the 13 January low at $2,925.00 and the 27 January trough at $3,022.00 would become potential technical upside targets.
Ethereum bearish case:
While ethereum remains below its early July high at $2,635.78 but above Friday’s $2,475.62 low, further range trading is expected to ensue.
The 55-day SMA at $2,531.72 may act as minor support above the 200-day SMA at $2,487.97.
In case of this potential support giving way and a fall through the 4 July low at $2,475.62 unfolding, the early July low at $2,376.51 may be back in sight.
In this scenario the 18 May low at $2,328.10 may be probed as well.
A fall through this level would likely re-engage the 22 June low at $2,115.55.