FX.co ★ Short-term technical analysis on Ethereum for July 19th, 2022.

Red line -resistance

Yellow line -resistance broken

Green line- resistance broken

Black lines- Fibonacci retracement

Ethereum is showing promising signs as price has broken above short-term resistance at $1,280. We noted in our last analysis that a break above this level would bring price towards the green resistance trend line. Ethereum not only reached $1,400, it has also broken above it. Ethereum is now challenging the red horizontal resistance trend line. Next major target is the 38% Fibonacci retracement at $1,910. I believe it is possible for Ethereum to reach that levels but I would expect bears to be back and Ethereum under pressure again.