In this article, we will present technical analysis of Ethereum July 2019 with weekly, daily, H4 and H1 charts. We will finish with conclusion and an extra chart.
Referencing data from Etherscan, the Ethereum block explorer, the daily transactions registered on the Ethereum network surpasses one million on 28 June, a first since May 2018.
The crypto analytics firm Diar, reported a new high for Ethereum volumes on decentralized applications DApps, recorded at 77,600 ETH.
Technical Analysis ETHUSD: Weekly Chart
Using the weekly time frame as a starting point, the ETHUSD couldn’t below the 27 May ’19 support, as the price sprang back up to a high of 363.51 USD. The long upper shadow of last week’s bearish closing bar indicates a strong rejection by the bears and weak buying power.
Let’s move down to the lower time frames, starting with the daily chart and see a breakdown of last week’s price dynamics.
Further Reading: Ethereum 2.0 Roadmap and Price Predictions
Technical Analysis ETHUSD: Daily Chart
Moving forward in this technical analysis of Ethereum July 2019 with the daily chart, a series of bullish closing bars signaled after the bearish closing bar on 18 January ’19 pushed the price into the overbought region and exited the overbought zone after a bearish closing bar on 27 June ’19.
A hidden bullish divergence setup is anticipated on 03 July ’19 which should prop the Ether ETH price toward last week’s high.
Technical Analysis ETHUSD: H4 Chart
The Ethereum ETH price from a 4hour overview signaled a breakout of bearish accumulation on June 18 ’19 23:00 establishing strong support at 260.01USD, which sent the price rallying by approximately 34.75%.
A sound regular bearish divergence pattern signaled on June 26 ’19 15:00, forced the Ether price to dip by 16.7% before indicating an opposite double bullish accumulation pattern on June 27 ’19 23:00.
The bullish accumulation pattern formed on June 29 ’19 failed to bearish pressure, sending the price back towards last week’s low.
Further Reading: Compare Crypto Trading Platforms
Technical Analysis ETHUSD: H1 Chart
Similar to the 4hour time frame, the Ether price simultaneously signaled a regular bearish divergence on June 26 ’19 16:00, setting resistance at 363.30 USD.
A dark cloud cover candlestick pattern was signaled in combination with the regular bearish divergence.
After entering, and later exiting the oversold territory on June 27 ’19 16:00, the Ether price simultaneously broke above bearish resistance on June 27 ’19 16:00, followed by a higher low on June 29 ’19 01:00.
On June 30 ’19 01:00, the Ether price broke below buying support of 317.61 USD after exiting the overbought area and sending the exchange rate towards the oversold state and 275.60 USD support.
Conclusion - Technical Analysis of Ethereum July 2019
The increasing daily transactions on the Ethereum network builds confidence to buy more Ether (Eth) and the time series charts analyzed above, reveal interesting market timing opportunities.
Below is an update to the 1hour chart as the price later entered a downward spiral, but gradually resumes a bullish upbeat.
On June 30 ’19 01:00, the price broke below bullish accumulation support, exited the overbought area and resumes a bullish trend.
An opposite bullish signal, this time a regular bullish accumulation pattern flagged on 02 July ’19 02:00 sends the price in the upward direction, so far for about 8.2% at press time.
Notice the rejection of buying pressure on 03 July ’19 06:00, with set resistance at 296.20 USD, well, the bulls at press time knock on the resistance level and threaten to resume the bullish campaign.
The Ether (ETH) price is projected to head back in the direction of last week’s high of 363.3 USD.