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Market News ETH Bears Eye Sub-$1,850 to Deliver a Six Day Losing Streak

ETH Bears Eye Sub-$1,850 to Deliver a Six Day Losing Streak

This morning, ETH received much-needed assistance. However, the trend has shifted downward, and the bears are aiming for a price below $1,850.

TOP1Markets Analyst

2023-07-20

7531

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On Tuesday, Ethereum (ETH) decreased by 0.73%. ETH lost 0.62% on Monday and finished the day at $1,898. It was the first time in six sessions that ETH finished the day below $1,900.

Bitcoin Price Movement

ETH was up 0.72% to $1,912 this morning. ETH rose from an early low of $1,897 to a high of $1,914 thanks to a strong start to the day.

The Daily Chart:

After testing the top level of the support band this morning, the Daily Chart showed ETH/USD sitting above the $1,895 - $1,865 support zone.

However, ETH/USD is currently trading above the 50-day ($1,873) and 200-day ($1,772) EMAs, indicating that the long- and short-term trends are optimistic. Notably, bullish momentum was mirrored by the 50-day EMA's wider distance from the 200-day EMA.

When compared to the 50-day and 200-day EMAs, the 14-Daily RSI's 52.87 level indicated a mildly positive outlook. Significantly, the RSI encourages a breakthrough from $1,950 to aim for the resistance zone between $2,075 and $2,105.