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Market News ETH Eyes $1,800 on SEC Appeal Sentiment and Staking Statistics

ETH Eyes $1,800 on SEC Appeal Sentiment and Staking Statistics

This morning, ETH got some assistance. The likelihood of an SEC appeal and staking data, however, will continue to test buyer interest today.

TOP1Markets 分析師

2023-07-24

11333

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On Saturday, Ethereum (ETH) decreased by 1.37%. ETH finished the day at $1,866 after a Friday session that was unchanged. For the sixth session in a row, ETH traded below $1,900 following the bearish session.

Bitcoin Price Movement

ETH went up 0.25% to $1,871 this morning. After a range-bound morning, ETH fell to an early low of $1,860 and then climbed to a high of $1,874.

Daily Chart

The Daily Chart displayed ETH/USD at the lower end of the support range between $1,895 and $1,865. On Saturday, resistance at $1,850 restricted the decline.

While remaining above the 200-day EMA ($1,776) and below the 50-day EMA ($1,873), ETH/USD is providing bearish short-term but positive long-term price indications. Notably, the negative momentum was confirmed when the 50-day EMA shrunk on the 200-day EMA.

The reading of 47.21 on the 14-Daily RSI, which was in line with the 50-day EMA, indicated a mildly negative outlook. Significantly, the RSI favors a decline to below $1,850 in order to activate the $1,815–$1,795 support range. However, the bulls would have a run at $1,950 if they were to rise past the 50-day EMA ($1,873).