Ethereum Technical Analysis: ETH Is Back Trending Above $1,800

Daily Ethereum ETH Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price has charted a bearish cross.
  • The MACD indicates sustained bearish market momentum.
  • Having met resistance at the 50-day SMA, the Ethereum price dropped from $2,325 to $1,790 between July 7 and July 20 – losing almost $550 in its overall valuation. During this drop, ETH flipped the 20-day and 200-day SMAs from support to resistance. Along with that, Ethereum had previously reversed the parabolic SAR from positive to negative.

    Ethereum Price Finds Support At $1,790

    The buyers have found healthy support at $1,790 which has pushed the Ethereum price back to $1,850. However, despite this bullish reprise, ETH has flashed two negative signals:

    • The MACD indicates sustained bearish market momentum.
    • The 200-day SMA has crossed over the 20-day SMA to chart a bearish cross.

    Image: ETH/USD daily

    ETH/USD daily chart 072121

    Looking at IntoTheBlock’s IOMAP, the Ethereum price faces immediate resistance at $1,885. Previously, at this level, almost 575,000 addresses had purchased over 9 million ETH tokens.

    ETH/USD volume chart 072121

    Ethereum Price On-Chain – Analysis

    ETH/USD cryptoquant chart 072121

    More ETH flowing from Gemini to BlockFi. Looks like someone is buying the dip.

    Ethereum Documentary Crowdfunds $1.9M

    A crypto documentary, "Ethereum: The Infinite Garden," has raised nearly $2 million in crowdfunding. The documentary, featuring Vitalik Buterin, had set a goal of raising 750 ETH on crowdfunding site Mirror. The project managed to raise 1,036 ETH, almost $2 million. 

    The documentary will be the first feature-length documentary about the history of Ethereum, per the project team. Naturally, Buterin as the co-founder of Ethereum will be a key player in the documentary. Additionally, Aya Miyaguichi, the executive director of the Ethereum Foundation and the one who conceptualized the film, will be featured. The crowdfunding page blew up in the three days it was active and earned well over the target for the film. 

    The filmmakers behind the doc have said that crowdfunding the film felt to them like the best way to raise capital for this passion project. Allowing the public to get involved and help develop the film is part of the project goal itself. The co-director Zach Ingrasci said:

    “I think it’s so exciting that a DAO [decentralized autonomous organization] could be our executive producer."

    The funding page stated that the film is a “ground-breaking experiment to be the first documentary film to fundraise using NFTs.” The production company behind the film, Optimist, has announced they will work with digital artist "pplpleasr" to create an NFT collection tied to the credits of the film. 

    662 people made contributions to the project. One-of-a-kind NFTs along with on-screen film credits were given to each of the top three contributors to the project. The highest contribution came from a user named leopard.eth who plopped down a 140.00 ETH donation. Not only will the trip each receive a 1/1 NFT, but also be credited as either executive producer, co-executive-producer, or contributing producer. 

    Ethereum Price Is Expected To Reach These Levels

    The Ethereum price will need to break above the $1,885 resistance barrier to re-enter the $2.000 psychological level.

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