The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180). It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.
On Monday, the ether was rejected at the short-term EMA on Daily and retraced down to $2,030, a 5.1 percent correction.
The Tuesday session was no different and the major altcoin fell further to $1,940, closing below the $2,000 mark for the first time since June 28.
The third day of the workweek saw ETH hitting another monthly low. First, it touched $1,867 in the morning, then recovered to $1,991 in the latter part of the session. The selling pressure was there, with strong momentum, but is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.
On Thursday morning, ETH is trading significantly lower, at $1,914.
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