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ETH Price Prediction: Bearish Sentiment to Test Support at $1,000

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·3 min read
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Key Insights:

  • On Saturday, Ethereum (ETH) rose by 0.76% to end a six-day losing streak.

  • The upside was modest, with broader market forces pegging ETH back.

  • Technical indicators flash red, with ETH sitting below the 50-day EMA.

On Saturday, Ethereum (ETH) rose by 0.76%. Partially reversing a 1.12% loss from Friday, ETH ended the day at $1,066.

A bearish start to the day saw ETH fall to a late morning low of $1,027 before making a move.

Finding support at the First Major Support Level at $1,024, ETH struck a late high of $1,077 before easing back.

Despite the upside, ETH fell short of the First Major Resistance Level at $1,101.

For the bulls, an end to a six-day losing streak was positive.

This morning, ETH struggled alongside the broader crypto market, with crypto market headwinds continuing to weigh.

The Merge May Be the Boost Needed for a Return to $2,000

Broader crypto market forces have weighed on Ethereum and the crypto top ten. Despite ending a six-day losing streak, bearish sentiment lingers.

Fears of a US economic recession and central bank monetary policy remain negatives for the crypto market.

However, one key driver for Ethereum remains the migration to the Proof-of-Stake protocol.

This week, the Ethereum community found relief from avoiding the detonation of a “difficulty bomb” embedded within Ethereum’s coding.

Ethereum developer Tim Beiko shared the news of the successful Gray Glacier upgrade that delayed the difficulty bomb to September.

Last month, FX Empire talked of the Ethereum merge and anticipated price action.

While the Merge may be price positive, crypto headwinds could overshadow any impact on ETH. The outcome of the SEC v Ripple case may also influence, with William Hinman placing ETH at the heart of the Ripple defense.

Ethereum (ETH) Price Action

At the time of writing, ETH was down 1.03% to $1,055.

A choppy morning saw ETH slide to a morning low of $1,040 before striking a high of $1,084.

ETH found support at the First Major Support Level at $1,036 before testing resistance at the First Major Resistance Level at $1,086.

ETHUSD 030722 Daily Chart
ETHUSD 030722 Daily Chart

Technical Indicators

A move through the $1,057 pivot would retarget the First Major Resistance Level at $1,086.

Support from the broader market would be needed for a return to $1,080.

An extended rally should test the Second Major Resistance Level at $1,107 and resistance at $1,150. The Third Major Resistance Level sits at $1,157.

Failure to move through the pivot would bring the First Major Support Level at $1,036 back into play. Barring an extended sell-off, ETH should avoid sub-$1,000. The Second Major Support Level at $1,007 should limit the downside.

The Third Major Support Level sits at $957.

ETHUSD 030722 Hourly Chart
ETHUSD 030722 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bearish signal.

ETH sits below the 50-day EMA, currently at $1,103. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA fell back from the 200-day EMA, price negative.

A return to $1,100 would likely support a run at $1,150. However, failure to move through the 50-day EMA would leave ETH under pressure following the June 28 slide through the 50-day EMA.

ETHUSD 030722 4 Hourly Chart
ETHUSD 030722 4 Hourly Chart

This article was originally posted on FX Empire

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