Bitcoin and Ether Market Update July 29, 2021
ETH/USD
The Ethereum Project token ETH closed flat at $2,185 on Sunday, July 15, but that did not stop it from adding 15.3 to its value on a weekly basis. The move helped it surpass the 21-EMA on the weekly timeframe and also break above the falling wedge formation, usually a bullish reversal signal.
On Monday, the ether continued to rise. It climbed up to $2,228 at the daily candle close after hitting $2,430 during intraday on the already-mentioned false Amazon rumor.
The Tuesday session was a good one for bulls as well. The ETH/USDT pair first dropped to $2,150 in the early hours of trading, then recovered in the evening pushing its price further up to $2,300.
The third day of the workweek was when the coin reached the important daily/weekly timeframe resistance right below $2,400. That key zone was one of the most actively traded in the last few months providing support and resistance on multiple occasions, including the last registered peak from early July.
The leading altcoin closed the day flat after trading in the wide $2,240-$2,345 range.
As of the time of writing, the price of ETH is situated at $2,314, slightly higher compared to the previous session.
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