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Ethereum comes off 5-month high
Ethereum has come off its 5-month high, while Bitcoin is retracing lower from its record high.
Ethereum remains close to 5-month high
Ethereum bullish case:
Ethereum has so far risen to $3082.83, a level last traded in February, before giving back some of its recent gains on Tuesday.
While the 12 July low at $2905.98 holds on a daily chart closing basis, the short-term technical uptrend remains intact.
A rise above $3082.83 would put the December 2024 and January 2025 lows at $3099.60 to $3127.83 on the map. Next up would be the 9 January low at $3157.76.
Ethereum bearish case:
While ethereum remains below its current July high at $3082.83, and if it were to slip through its 12 July low at $2905.98, the June peak at $2879.45 may be revisited.
Below it lies the major $2788.12 to $2502.62 level, which is expected to hold any downside pressure with the help of the June to July accelerated uptrend line at $2706.85.
If not, the 55-day simple moving average (SMA) at $2586.04 may be revisited.
Ethereum/USD chart
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