Ethereum With Selling Pressure; Lurking For Buyers

Trader • Jul 8, 2021 at 6:00 AM EDT

Ethereum fell about 5.8% against the dollar in the early European trading session, targeting the lows for absorption purposes and the untested POC levels for supportive buyers or potential short covering.

Ethereum fell about 5.8% against the dollar in the early European trading session, targeting the lows for absorption purposes and the untested POC levels for supportive buyers or potential short covering.

The rate got pressured by the sellers from June's previous distribution and yesterday's swing failure. The first line of support might be the QDVAL while the lower VWAP close level is targeted by sellers, buyers could add to their core positions there. The daily periodicity seems to establish a balanced behavior while targeting the lower bracket.

BTC/USD already fell below the swing low as both are quite correlated currently.

(Click on image to enlarge)

Visit our trading community to read more market insights and to learn the more indepth analysis process with various tools such as the VWAP or Footprint chart.

Disclosure: All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.