The global crypto market cap was $ 1.34 trillion, showing a negative 1.6% change on the last day. Ethereum’s market capitalization fell 3.15% due to another price drop; the technical outlook for Ethereum indicated that there might be an outbreak soon. Market volatility remained low on Polkadot and Ethereum Classic, and capital inflows increased as the number of buyers increased.
The current price of Ethereum was hovering around $ 1878, with prices moving mostly sideways as prices stayed in the $ 2035 to $ 1850 range. It is down 4.2% in the past 24 hours and was trading in the red at the time of writing. If it breaks its current $ 1850 support level, it would find support at $ 1750 next, and if prices see a significant spike it could attempt to test the $ 2035 resistance level.
When the prices fell Relative Strength Index also recorded a decline in the number of buyers, the pressure to buy decreased due to the indecisive price development. Average direction index was spotted below the 20 mark, suggesting the coin is moving sideways.
The Squeeze momentum indicator showed that the market was cornered and there was a possibility that the market would soon be preparing for a breakout.
Polkadot continued to move sideways after failing to maintain its bullish rally in the first week of July. The price of Polkadot was $ 12.26 at the time of writing, down 4.1% from yesterday. As prices encounter resistance near the $ 13 level, the value of DOT could fall further to the nearest and most immediate support at $ 11.84.
Parabolic SARs dotted lines were spotted above the price level and this reading meant that the price was in a downtrend at the time of writing. Bollinger bands saw a tightening that negated the chances of increased volatility and caused prices to fluctuate within the same range to a limited extent, but a price breakout could occur.
The MACD The indicator showed a bullish crossover on July 17, after which the coin briefly saw the bulls return to the market, but at the time of going to press the green histograms were shrinking in size. This meant the bullish signal was bearish and the bears could regain control.
Ethereum Classic (ETC)
Ethereum Classic traded in the green, although that didn’t change the coin’s 16.1% drop in value over the past week. At press time, the asset was valued at $ 43.47, hovering near the resistance level of $ 46.67. With prices declining significantly for most of this month, the digital asset attracted quite a few sellers in the market.
Chaikin money flow showed an uptrend which, at the time of writing, was an increase in capital inflows versus capital outflows. The above statement was confirmed by reading on the Relative Strength Index Since the indicator also represented a northward movement, there was renewed buying pressure on the market.
MACD The indicator only went through a bullish crossover 48 hours ago, but the coin again saw a decline in the bullish signal as the green histograms threatened to fade during the immediate trading sessions. This indicated that easing pressure could drive prices further down.