Ethereum Price Analysis
Ethereum (ETH) followed the aggregate market cap’s trip downward early on Wednesday and gave back some of the gains accumulated over the prior 6 green daily candles but rallied heading into the day’s final 4 hour candle. During the day’s final 4 hour candle ETH recovered those earlier losses and some.
The aggregate cryptocurrency market capitalization took another step forward on Tuesday as the market closed +3.9% and pushed closer to a $1.6 trillion market capitalization. The aggregate crypto market cap closed at $1.58 trillion on Tuesday.
The chart below from AtlasTrades shows Ether’s backtest of support resistance and the spring we saw beginning late in Tuesday’s daily candle.
Overhead targets and resistance on the 4hr are at $2,638 and $2,910. If ETH fails here and tests support resistance again and fails there as well, the trip to the downside could take the price back to the $1,740 level.
The table below shows that Ethereum is trading above all of its important moving averages except for the 100-Day.
Ether’s 24 hour range is $2,152-$2,318 and the 7 day range is $1,773-$2,383. ETH’s 30 day average price is $2,100.
Ether [+3.3%] closed Tuesday’s daily candle worth $2,301 for a 7th consecutive close in green figures.
Binance Coin (BNB)
Binance Coin’s July has been one of the best amongst all major projects in the blockchain sector and is +13.32% for the last 30 days at the time of writing.
While a lot of the projects that were greater than 10x for the last 12 months are no longer 10x – BNB has managed to rally from its bottom and is still +1,459% for the last 12 months.
So, with BNB turning around before the majority of the cryptocurrency market, what does the near term have in store for Binance Coin?
The above chart from mansour1978 shows an important range of $245-$271 as a good target for bullish traders in the interim.
A bearish scenario looks like bears being able to push the price down to challenge support resistance at $213 and below that price $200 is the next level of support resistance if $213 fails to hold.
BNB’s 24 hour range is $297.61-$318.41 and the 7 day range is $262.74-$323.12. Binance Coin’s 30 day average price is $303.48.
BNB [+3.11%] had a daily close on Tuesday of $313.70 for a 2nd consecutive close in green figures.