Ethereum, Uniswap Price Analysis: July 5, 2021
Ethereum price managed to hold above $2,000 toward the end of last week. The optimistic outlook gained momentum as buyers broke the resistance at $2,300. However, the following barrier at $2,400 was a hard nut to crack.
Meanwhile, Ether trades at $2,270 in the wake of losing support at the 200 Simple Moving Average (SMA) and $2,300. Nonetheless, bulls focus on securing higher support, preferably at $2,200.
The Moving Average Convergence Divergence (MACD) has a slightly bullish outlook based on the four-hour time frame. Buyers will remain in control as long the 12-day moving average sustains the position above the 26-day moving average.
On the upside, the stubborn resistance at $2,400 must come down in the near-term to validate the uptrend aiming for $2,800. Note that losing support at $2,200 could trigger massive losses under $2,000.
Ethereum price chart
Uniswap, like Ethrreum, sustained an uptrend last week as bulls eyed $30. A break above $20 validates the optimistic outlook, but the bulls lost steam on hitting the 200 SMA.
The decentralized finance (Defi) token trades at $20 amid an effort by the bulls to keep the price afloat at $20. If the MAC D sustains the bullish outlook, recovery toward $30 will resume. However, there is a big chance that losses will stretch under $20.
UNI/USD four-hour chart
On the downside, support is expected at $18, as highlighted by the 100 SMA. The 50 SMA is in line to prevent losses from extending toward the primary support at $18.Source