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Market News ETH Bears Continue to Target Sub-$1,800 on Staking Stats and the Fed

ETH Bears Continue to Target Sub-$1,800 on Staking Stats and the Fed

This morning, ETH saw some small support. Sub-$1,800 remains the aim, despite a gloomy Saturday and bearish technical signs.

TOP1Markets Analyst

2023-07-10

6834

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On Saturday, Ethereum (ETH) decreased by 0.27%. ETH finished the day at $1,866, partially reversing a 1.24% gain from the previous day. ETH fell short of the $1,900 handle for the second time in eight sessions as a result of the negative session.

The Ethereum Price Action

ETH went up 0.13% to $1,869 this morning. ETH started the day range-bound, dropping to an early low of $1,864 and then rising to a high of $1,875.

The Daily Chart

For the second session in a row on Saturday, the Daily Chart showed that ETH/USD was trading below the bottom boundary of the $1,930 - $1,900 resistance range.

The 50-day ($1,851) and 200-day ($1,756) EMAs are currently above the ETH/USD price, showing positive momentum over the medium and long term.

Notably, the bullish momentum was mirrored by the 50-day EMA's wider distance from the 200-day EMA.

A run at the lower level of the $1,930–$1,900 resistance zone would be supported by the 14-Daily RSI's reading of 50.52, which indicated a bullish view and was in line with the 50-day EMA.