Chart of the day - ETHEREUM (18.07.2022)

Cryptocurrencies are the best performing asset class at the beginning of a new week. Coins extend upward move launched last week and some, like for example Polygon or Avalanche, gain over 10% today alone. Bitcoin gains over 5% and breaks above $22,000 mark while Ethereum rallied almost 7%!

Taking a look at ETHEREUM at H4 interval from a technical point of view, we can see that the upward move has accelerated recently. Price broke above the 100-period exponential moving average last week and the upper limit of the market geometry has been invalidated today. According to Overbalance methodology, this hints that an ongoing recovery move may be maintained. In case the current sentiment prevails, an upward move towards the $1,700 area cannot be ruled out. On the other hand, a price drop back below $1,360 area may hint that downtrend is about to resume.

Source: xStation5