The Tribes


Main Hall - July 11, 2022

Price analysis :ETH

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Ether (ETH) turned down from the overhead resistance at $1,280 on July 8, suggesting that the bears are defending the level aggressively. The sellers pulled the price below the 20-day EMA ($1,192) on July 10 and are attempting to break the support line of the triangle on July 11.

ETH/USDT daily chart. Source: TradingView

If they manage to do that, the bullish setup will be invalidated. That could sink the ETH/USDT pair to $998. This is an important level to watch out for because a break and close below it could result in a retest of $881.

Contrary to this assumption, if the price rebounds off the support line, it will suggest that the bulls are accumulating on dips. The buyers will have to push and sustain the price above $1,280 to gain the upper hand in the near term. The pair could then rise to the 50-day SMA ($1,422) and later rally to the pattern target at $1,679.