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The Ethereum is above the 21 SMA and the 200 EMA in the daily chart. It is trading with a bullish bias level after consolidating above the psychological level of $ 2,000.
According to the chart above, we note that ETH / USD could be facing a new bullish wave, and its target will be the 6/8 murray level located at $3,125 for this it should consolidate above the $2,500 level.
The news from the cryptocurrency market is not encouraging as China continues to crack down on mining farms to terminate their mining activity. In recent weeks, Beijing tightened its stance on the crypto market and clamped down on domestic mining farms and crypto exchanges.
Analysts warn that BTC could again fall to the psychological level of $20,000. Besides, Ethereum are running the risk of falling to the level of $ 1,200 that is almost 50% from the current price.
The aim of large investors and miners is to liquidate their positions at a more attractive price and then when a strong market drop occurs to buy again. No doubt, this strategy can also affect the cryptocurrency market and medium investors could get into panic.
Our recommendation is to buy ETH / USD, only if it sustains above the 200 EMA or if it makes a technical bounce in the area of the SMA of 21, (2.123) with targets at $2,500 and $3,125 (6/8).
Support and Resistance Levels for July 07 - 08, 2021
Resistance (3) 2,729
Resistance (2) 2,525
Resistance (1) 2,433
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Support (1) 2,269
Support (2) 2,174
Support (3) 2,056
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