Ethereum Price Analysis: ETH Flips The Parabolic SAR From Positive To Negative
Daily Ethereum ETH Price Forecast
- Ethereum price has immediate resistance at 200-day SMA.
- The MACD has reversed from bullish to bearish.
The Ethereum price continues to trend below the $2,000 psychological level and is currently priced at $1,965. Before this Monday, ETH was hovering between the 200-day SMA ($2,035) and the 20-day SMA ($2,120). Earlier, between June 26 and July 4, ETH had jumped from $1,845 to $2,315. Let’s take a closer look at what happened next with technical analysis.
Ethereum Price Stuck Below 200-day SMA
For the last three days, the Ethereum price has been stuck between the 200-day SMA and the $1,950 support line. During this time period, ETH managed to flip the parabolic SAR from negative to positive. Finally, the MACD has reversed from bullish to bearish, which hints at a further downtrend.
Image: ETH/USD daily
Looking at IntoTheBlock’s IOMAP, the Ethereum price has critical support at the $1,950 line. Previously, at this level, over 685,000 addresses had purchased almost 1.8 million ETH tokens.
SkyBridge CIO: Ethereum and Bitcoin To Be Leading Store-of-Value
Despite the ongoing crypto market downturn, SkyBridge Capital’s CIO, Troy Gayeski, praised Bitcoin as an asset class and highlighted its benefits. In a recent interview for Bloomberg, he reminded that SkyBridge Capital invested not only in the primary cryptocurrency but also in Ethereum. In his opinion, the two largest digital assets will be the most preferred options for stores of value in the future.
Additionally, Gayeski agreed that BTC’s fiat currency price is volatile but raised hopes that it will eventually become the “market leader in terms of transaction use."
“It’s going to be a volatile asset but it continues to be very non-correlated. And we think the risk-reward is now skewed again to the upside.”
The Bitcoin proponent found the current supply shock at the crypto market very similar to what happened in October and November 2020.
“When you look right now at the on-chain data what is basically telling you is a lot of the strong holders are reasserting themselves and accumulate from those that got into the market late last year.”
Gayeski also explained that SkyBridge Capital is always looking to generate returns differentiated from equities and fixed income. That is why it chose to invest in the crypto market. Moreover, the CIO asserted that the institutional adoption cycle for BTC continues. Nearly a month ago, the founder of SkyBridge Capital, Anthony Scaramucci, expressed another bullish point of view about Bitcoin’s prospect. Back then, he predicted that its fiat currency value would reach new heights in the next 24 months:
“I’m very confident that we’ll be sitting here a year or two from now and talk about this volatility, but also be amazed at the upward trajectory of BTC over the next 24 months.”
Ethereum Price Is Expected To Reach These Levels
A break below the $1,950 support wall will take ETH to the $1,800 line.