RATE Group | Ethereum Price Analysis — Plus Cardano, XRP and Binance Coin
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Ethereum Price Analysis — Plus Cardano, XRP and Binance Coin

02 Aug Ethereum Price Analysis — Plus Cardano, XRP and Binance Coin

Posted at 17:59h in Ethereum News by

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As usual, altcoins have been negatively impacted by Bitcoin’s recent downturn, but all is not lost. As Bitcoin and altcoins become oversold, opportunities for exploiting oversold bounces and tightly bound range trades arise. 

Ethereum (ETH)

ETH is looking incredibly weak as the recent decline dropped the cryptocurrency through multiple supports and increasing sell volume shows that bears are clearly in control.

ETH 00 is looking incredibly weak as the recent decline dropped the cryptocurrency through multiple supports. Increasing sell volume shows that bears are clearly in control. ETH has many stiff resistances to overcome, but the silver lining is that we are now presented with a fairly predictable trading range. Considering that ETH is hinged to BTC, traders could exploit oversold bounces and range trades where ETH becomes pinned between support and resistances shelves to generate quick profits.

Traders should watch the RSI on the 4-hour and daily chart for ETC and BTC as well as the ETC / BTC pairing as reversals from oversold conditions could present lucrative, quick, opportunities.

Cardano (ADA)

Bulls are currently in contention for $0.13 and both oscillators have flatlined in bearish territory, which hints at selling exhaustion as volume also tapers off.

Bulls are currently in contention for $0.13 and…

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