• Ethereum prices hovered just above the $1845 mark, but Open Interest chart showed bearish sentiment and discouraged longs.
• If Bitcoin sees losses in the coming days, Ethereum could fall toward $1750.
• Taking long positions on Ethereum token could be a more sensible approach than shorting, as a breakout beneath the range has not yet been seen.
Ethereum Prices Hovering at Range Lows
Ethereum [ETH] saw reduced volatility this week after steadily sinking lower on the price charts since mid-July. The token was trading near the lows of its month-long range and Open Interest climbed from $5 billion to $5.2 billion, which showed strong bearish conviction and a swift move below the $1870 mark.
Taking Long Positions on Ethereum Token
Taking long positions on the token could be a more sensible approach than shorting, as a breakout beneath the range has not yet been seen. Traders can expect the range to hold until it doesn’t – or is it more complex? Brave bulls can wait for such a drop before looking to buy, although their position sizes should reflect the risky trade they would be taking.
If Bitcoin Sees Losses
If Bitcoin [BTC] sees losses in the coming days, Ethereum could fall toward $1750. The RSI was also below neutral 50, signaling bearish dominance in ETH prices. A drop below $1800-$1810 would indicate further losses were likely and bears could wait for a bounce to sell ETH.
Buyers are Weak
Buyers have been weak in recent weeks as evidenced by downtrend on OBV chart which showed seller dominance at that time due to negative slope of CVD chart also showing same thing i-e seller dominance over buyers lately .
Scalp Trade Buying Opportunity
Taking into account short term price action of ETH and BTC , it appeared that dip at around 1825 – 1835 provides good scalp trade buying opportunity targeting mid-range or range – high levels at 1885 & 1935 respectively .