Coin Zone Trends: This Week’s Big Data on Ethereum Price Trends (2017-07-03)

ETH Weekly Report | Price drops to support zone, focus on short-term rebound
1. Market highlights <br/>Current Ethereum price: 1932
Last week's volatility: -13.14%
Operational suggestions: Avoid risks and be cautious when buying at the bottom

2. Trend Analysis <br/>As analyzed last Monday, after the bulls retreated, the bears would take the opportunity to push down the price. However, after a week of adjustment, the price has a tendency to stabilize and rebound in the short term.
Looking at the daily chart, the price of Ethereum rebounded after reaching the support zone of 1700-1800 twice last week, indicating that the support zone is effective in the short term. In addition, overall, the trading volume last week was gradually shrinking. If the bulls want to reverse the downward trend, they need to increase the volume to attack the upper short-term resistance level of 2240.

Looking at the weekly chart, after three consecutive weeks of decline, the price of Ethereum has now hit MA10, and the lower shadow of the K line is long, and there is still strong buying below. However, the trend of medium-term correction has not changed.
Overall, the price of Ethereum will rebound in the short term, but since the transaction volume has not increased significantly, it shows that the market as a whole lacks confidence in the bulls. In this case, the entry operation should be a short-term rebound. This week, the resistance level of 2240 can be focused on. If the price does not break through with large volume, it is not advisable to follow up. The support range below is 1700~1800, and this range can be participated in short-term.