FX.co ★ Technical Analysis of ETH/USD for July 21, 2023

Crypto Industry News:

According to the latest research conducted by the American portal CryptoVantage, most investors believe that Bitcoin will surpass its all-time high. Nevertheless, as many as 46% of respondents believe that Ethereum (ETH) has the best chance of surpassing Bitcoin in terms of market value.

The study, which focused on American attitudes towards cryptocurrencies, revealed some interesting findings. 78% of respondents believe Bitcoin will surpass its previous all-time highs, but only 23% think it will happen in the next year. In turn, 47% believe that this record level will be reached in the next five years. Only 8% of people think Bitcoin will never reach its all-time high again.

It is interesting that as many as 21% of respondents believe that Dogecoin (DOGE) has the best chance of surpassing Bitcoin in terms of market value. Meanwhile, almost half of Americans, as much as 46%, believe that Ethereum has the best chance of achieving this goal.

Technical Market Outlook:

The ETH/USD pair has been making only a new local lows and bulls do not look like they want to challenge the last swing high yet. The price is locked between the 50 and 100 MA on the H4 time frame chart and it moving inside a range seen between the levels of $1,926 - $1,874. The momentum is neutral, which supports the short-term bearish outlook for ETH. The intraday technical support is seen at $1,874, $1,827 and $1,816. The intraday technical resistance still is located at $1,926. When the up trend is resumed, then the next target for bulls is seen at the level of $2,140, which is the yearly high and the immediate target for bull after strong breakout higher.

Weekly Pivot Points:

WR3 - $1,964

WR2 - $1,945

WR1 - $1,938

Weekly Pivot - $1,926

WS1 - $1,919

WS2 - $1,908

WS3 - $1,889

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.