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Ethereum still trading $2,250 to $2,350 for the time being

29 Jul, 2021

Since rising back above $2300 at the start of this week Ethereum (ETHUSD) has been trading largely sideways in between $2,250 and $2,350. It is still very much inside that range again so far today, with that being covered until now by 2,267 to 2,328. This sideways price action is consolidation, but at the same time it is also still corrective to the move from 2,431 to 2150. Unless Ether can get back above $2500 on a sustained basis it might also serve as a warning; that the current recovery is stalling. The proximity of the 50 day moving average to the 200 day moving average and the potential for the 50 day to cross below the 200 day is also a worry. Of course the rebound from the July low at 1719 has been impressive and that more than 30% increase does warrant some consolidation too. At the same time, it also needs to extend further before too long, or else the market may start to unravel again. ETHUSD is just now trading at 2316

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