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Aug 01 - 01:55 PM

Ether - Shorts Likely Eye July's Low On Soured Risk, Tech Influences

By Christopher Romano  —  Aug 01 - 12:00 PM
  • Ether's corrective bounce off the July 25 low peaked on July 29

  • A 7-session low traded Thursday, the July 25 low is now near breaking

  • Investors seeking out safer assets helped drive Ether down to 3101.32

  • Equity ESv1, US yield US2YT=RR, gold XAU= drops weighed on Ether

  • Broad based US$ buys, USD/CNH rally to 7.2579 added weight on Ether

  • Techs are bearish; RSIs are falling, Ether trades below 10- & 50-DMAs

  • Break of July 25 low may trigger stop loss selling

  • Ether bear may target July's monthly low should that support give way

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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