The Ethereum (ETH) prices are lower but bullish despite the failure of buyers to press the coin above the psychological $2,000 resistance level. Ideally, a comprehensive close above $2,100 and April 2023 highs may see ETH float higher in a welcomed revival.
The July 13 high-volume anchor bar now defines the short-term trend. As it is, bulls have been unable to prevent sellers from pushing prices lower. However, provided prices are above $1,860, the path of least resistance remains upwards from an effort-versus-result perspective.
ETH Burning and Bulls
Regulatory developments coupled with pronouncements from a United States court last week have propped altcoins. With Ethereum being the most popular, declarations that XRP is not a security is a massive boost for utility currencies.
Even so, until a clear concern is raised by the Securities and Exchange Commission (SEC) on whether ETH is not a commodity, the coin will remain higher. As it is, Ethereum continues to draw activity from decentralized finance (DeFi) and non-fungible tokens (NFTs) supporters, a net positive.
As activity rises, there are more coins burned. Data from ultrasound money shows that over 3,200 ETH were burned in the last week alone.
The more ETH is destroyed and taken out of circulation, the more it becomes deflationary, supporting bulls in the long haul. This further supports the bullish preview about ETH likely outperforming BTC in the months ahead, according to a Fidelity report.
Ethereum (ETH) Price Analysis
Ethereum is bullish at spot rates, and prices are increasing inside a rising channel.
Overall, the sell-off might present a loading opportunity for traders looking to align with the primary trend.
For now, the July 13 bar anchors the short-term preview. Immediate support is at $1,860, while resistance is at $2,030. Traders can load as long as prices are above the support zone and trending inside the July 13 bar with relatively low trading volumes. This preview is valid from an effort-versus-result perspective. Already, losses from July 14 are with lighter volumes, a net positive for optimistic buyers.
In light of this, the immediate buy target is $2,030, while losses below $1,860 with expanding volumes will nullify this forecast. Further losses below $1,800 with rising participation may build the case for a retest of June 2023 lows at $1,630.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.
If you found this article interesting, here you can find more Ethereum news.
