Ethereum Price Prediction: ETH Hugs Along The $1,440 Resistance Line

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Technical Analysis
  • Over the last eight days, the Ethereum price has flipped the 20-day and 50-day SMAs from support to resistance.
  • The $1,450 resistance is particularly strong.

Over the last four days, the Ethereum price is trending horizontally $1,445. ETH has been dropping over the last eight days, during which it flipped the 20-day and 50-day SMAs from support to resistance. Let’s take a closer look with technical analysis.

Ethereum Price Has Been Trending Horizontally

The Ethereum price’s horizontal movement has been reflected by the RSI as well which has been moving horizontally over the last week. The parabolic SAR shows us that the current market sentiment is negative, so a further drop in ETH is expected.

eth/usd daily chart 030121

Image: ETH/USD daily

As things stand, Ethereum price is sitting underneath a super strong resistance at $1,450. Previously, at this level, 375,000 addresses had purchased over 8 million ETH.

eth/usd volume chart 030121

Image: IntoTheBlock

$75 Million Physically-Backed Ethereum (ETH) ETP Launched By CoinShares

CoinShares, a UK-based investment company, has recently launched an Ethereum ETP on Switzerland’s stock exchange with $75 million in assets under management (AUM). The firm has rolled out a physically-backed exchange-traded product following ETH’s impressive performance. 

The product, dubbed CoinShares Physical Ethereum, is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 

CoinShares explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” Chief Revenue Officer Frank Spiteri said: 

In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey. 

Notably, this is CoinShares’ second similar product tracking the performance of a crypto asset launched this year. A month ago, the firm launched a Bitcoin ETP on Switzerland’s SIX Exchange.

Ethereum Price Is Expected To Reach These Levels

We expect ETH to continue its horizontal trend below the $1,450 resistance level.