Ethereum, Dogecoin Price Analysis: July 17, 2021
Crypto assets are still surmounted by heavy selling pressure, making a recovery a farfetched idea. Ethereum closed in on $2,000 last week, but an uptick in overhead pressure saw the gigantic smart contract token struggle through the weekend.
At the time of writing, Ether trades at $1,982, following support at $1,850. A break above $1,900 could allow buyers to shift the focus above $2,000. Meanwhile, the buyer congestion at $1,850 must remain intact to ensure that all the effort is directed to the impending recovery mission.
The overall technical picture is mainly drab, with sideways trading action likely to take precedence. The Moving Average Convergence Divergence (MACD) and the Relative Strength (RSI) do not have a bearish or a bullish bias. In other words, a consolidation period may come into the picture before Ether makes another significant move.
A break above the descending parallel channel’s upper boundary could see massive buy orders triggered on the upside. The same uptrend will be affirmed by Ethereum stepping beyond the 50 Simple Moving Average (SMA) on the four-hour chart.
On the flip side, losses will surge if Ether fails to hold above the support at $1,850. The channel’s middle boundary is in line to offer refuge to the bulls in an attempt to avert declines toward $1,700.
ETH/USD four-hour chart
Dogecoin price is still capped under $0.2 while the downward action appears unstoppable. Robust support at $0.16 allowed bulls to bolster the price past $0.2, but the upswing was short-lived due to the lack of enough buying pressure.
For now, DOGE trades at $0.18, but losses will likely surge in the coming sessions, thereby jeopardizing the primary support at $0.16. The longer Dogecoin stays under $0.2, the stronger bears become. Note that a daily close under $0.16 could extend the bearish action toward $0.1.
DOGE/USD four-hour chart
If a sideways trading action takes precedence as per the outlook of the MACD, Dogecoin will be pivotal between $0.16 and $0.18 for some time. The RSI seems to confirm the possibility of consolidation at the time of writing.Source