94
Technical Analysis
Ethereum opens at $1.8K and goes down around to $1.7K and stable around $1.9K. The average transaction fee is $4.69 which is 11.93% increase from 07-20-21. Ideally, gas fee should below $10 and it is low now.
Ethereum is strong support at around $1.7K as my analysis yesterday.
Short term correction may come since its valuation is high in my opinion in previous level. The valuation is around $1.7K to $2.0K. You can reference my method here. Gas fee is shoot up due to large value transaction in one day and continue to be expensive.
It seems Ethereum is heading corrections of tailwind and it has a hard time to adjust its valuation! However, it weathers the correction well.
Ethereum increases its correlation with S&P indicates that it becomes a neutral position???. The price may fluctuate more in the coming day with price toward low-level.
Current DeFi bubble pops and it sent the market into crypto "winter". Ethereum looks attractive again at least in short term since gas fees are low. Also, there is a dilemmas between institutional investors who may control crypto with their massive buying powers and with whale who reluctant to give up their assets. Well, the price movement then stuck!
I remain my floor price to $1.7k indicates the strong support and remain the ceiling price at $2.5k.
As today, Ethereum Value = $1.7k ~ $2.5k and my position is Long.
Here are some highlights to support my analysis:
Current News Summary:
Most Bullish News ??
Institutional investors aim to crypto investments
It indicates that Ethereum may continue raising with more users
Most Bearish News ??
EU policymakers want to regulate crypto transactions
It indicates that Ethereum may face correction due to COVID concerns
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Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
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You can reference my previous monthly Bitcoin and Ethereum analysis here ????:
Note:some links refer at the beginning of next month that include all previous month links of reports
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You can reference my previous daily Bitcoin analysis here ????:
Bitcoin Technical Analysis 06-30-21??
Bitcoin Technical Analysis 07-01-21??
Bitcoin Technical Analysis 07-02-21??
Bitcoin Technical Analysis 07-03-21??
Bitcoin Technical Analysis 07-04-21??
Bitcoin Technical Analysis 07-05-21??
Bitcoin Technical Analysis 07-06-21??
Bitcoin Technical Analysis 07-07-21??
Bitcoin Technical Analysis 07-08-21??
Bitcoin Technical Analysis 07-09-21??
Bitcoin Technical Analysis 07-10-21??
Bitcoin Technical Analysis 07-11-21??
Bitcoin Technical Analysis 07-12-21??
Bitcoin Technical Analysis 07-13-21??
Bitcoin Technical Analysis 07-14-21??
Bitcoin Technical Analysis 07-15-21??
Bitcoin Technical Analysis 07-16-21??
Bitcoin Technical Analysis 07-17-21??
Bitcoin Technical Analysis 07-18-21??
Bitcoin Technical Analysis 07-19-21??
Bitcoin Technical Analysis 07-20-21??
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ????:
Ethereum Technical Analysis 06-30-21??
Ethereum Technical Analysis 07-01-21??
Ethereum Technical Analysis 07-02-21??
Ethereum Technical Analysis 07-03-21??
Ethereum Technical Analysis 07-04-21??
Ethereum Technical Analysis 07-05-21??
Ethereum Technical Analysis 07-06-21??
Ethereum Technical Analysis 07-07-21??
Ethereum Technical Analysis 07-08-21??
Ethereum Technical Analysis 07-09-21??
Ethereum Technical Analysis 07-10-21??
Ethereum Technical Analysis 07-11-21??
Ethereum Technical Analysis 07-12-21??
Ethereum Technical Analysis 07-13-21??
Ethereum Technical Analysis 07-14-21??
Ethereum Technical Analysis 07-15-21??
Ethereum Technical Analysis 07-16-21??
Ethereum Technical Analysis 07-17-21??
Ethereum Technical Analysis 07-18-21??
Ethereum Technical Analysis 07-19-21??
Ethereum Technical Analysis 07-20-21??
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You can reference my previous daily Dogecoin analysis here ????:
Doge Analysis 01-11-21??
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You can reference my previous weekly Cryptomarket forecast analysis here ????:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21????
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21????
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21????
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Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21????
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Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21????
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Risk forecast guideline:
Risk Averse means you can use as defense ???
Risk Seeking means you can use as offense ??
Risk Neutral means no decision made and continue seeking opportunities ???
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
