Bitcoin and Ether Market Update July 1, 2021

ETH/USD

The Ethereum Project token ETH fell 12 percent during the last seven days but managed to stabilize around the weekly support zone around the February high of $1,930 – $1,950. This happened mainly thanks to the 15 percent increase during the weekend when ether dropped as low as $1,714, but then quickly recovered to $1,977 on Sunday evening.

On Monday, the coin formed a third consecutive green candle on the daily chart and reached $2,077 after temporarily penetrating the next resistance area around $2,100.

The upward movement was resumed on Tuesday and the ETH/USD pair hit a one-week high by touching $2,250 in the early hours of trading thus surpassing both the short-term EMA and the mentioned resistance. Half of the gains were erased in the evening and the leading altcoin closed the session at $2,160.

On Wednesday, we saw a volatile session during which the Ethereum token was trading in the $2,100 – $2,275 zone before stopping at $2,272.

As of the time of writing, it is back down at the S/R are near $2,100-$2,150.

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