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Main Hall - July 15, 2022

Price analysis :ETH 15th July 2022

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Ether (ETH) broke below the support line of the ascending triangle pattern on July 12 but the bears could not sustain the lower levels. The price turned up from $1,006 and re-entered the triangle on July 13. This suggests that the break below the triangle may have been a bear trap.

ETH/USDT daily chart. Source: TradingView

The buyers will try to propel the price above the overhead resistance at $1,280 and the 50-day SMA ($1,358). If they succeed, the ETH/USDT pair could start a rally to its pattern target of $1,679. The bears are expected to pose a strong challenge at the breakdown level of $1,700.

Another possibility is that the price turns down from $1,280. In that case, the pair could again drop to the support line of the triangle. The bears will have to sink the pair below $998 to gain the upper hand.