🚀 Cointelegraph: Ether price analysis
The long wick on Ether’s July 11 candlestick shows that the bears are selling the rallies to the 20-day SMA ($3,239).The bears will try to pull the price to $2,850, which is an important level to watch out for. Buyers are expected to defend the level with vigor. If the price rebounds off $2,850, the bulls will make another attempt to clear the hurdle at the 20-day SMA. If they succeed, it will suggest the start of a sustained recovery to the 50-day SMA ($3,499).
If bears want to strengthen their position, they will have to yank the price below $2,850, which might be a difficult task. If this level cracks, the selling could intensify and the ETH/USDT pair may plunge to $2,200.
