ETH Technical Analysis: $800 Is The Next Target For Sellers

The fight of buyers for the critically important range of $1200-$1300 ended rather quickly. After the range was broken by the 13 June weekly candle, buyers had a whole week to turn things around. During the trading week from 20 June, the ETH price was able to barely test the $1200-$1300 range with no hints of continued growth. To such weakness, since 27 June, it did not take long for sellers to respond. Without much effort, the ETH price updated the local low of the previous week and has every chance to update the low from 13 June. Source: https://www.tradingview.com/x/9WIZVtqO/ In such a negative scenario, the next price stop is planned near the $800 mark. From this mark, we expect the formation of a price rebound and a retest of $1200. If the dynamics of the rebound will be as weak as during the trading week from 20 June, we will not be able to recommend buying ETH. ETH Technical Analysis On The Daily Timeframe Source: https://www.tradingview.com/x/IMaxCqCs/ Analyzing the movement of the ETH price on the daily timeframe, it is possible to highlight the most positive scenario for investors. This is a continuation of the consolidation in the range of $1000-$1300. This requires that during the current test of $1000, buyers confidently keep the price of Ethereum. Until the ETH price stabilizes above $1300, it is not safe to buy the cryptocurrency before $800. However, in the case of breaking the $1000 mark and fixing below it on...