Ethereum – ETH
On July 27, the trading value of Ether experienced a surge as it went over $1,470, the 20-day EMA. The trading price of ETH continued rising, which helped the trading price of ETH to rise all the way up to $1,700.
The $1,700 figure was the critical resistance level, which ETH managed to cross on July 28. However, the bears were not ready to give up and they launched a strong selling attack against the buyers.
This resulted in pulling the trading price of ETH lower. The price chart shows that on July 29, the trading price of ETH ended up falling below the critical resistance level.
At the time of writing, the trading price of ETH is hovering around $1,700. However, the RSI and the 20-day EMA for the second-largest digital asset are moving in the positive zone. This means that the trading price of Ethereum may continue moving upslope.
If the bulls are able to show great resilience against the selling power of the bears, then the trading price of ETH may continue surging. The implementation of “Merge” in September has already started adding a positive reaction to the digital asset.
The investors have strong confidence and trust in the implementation of Merge as it is expected to bring the Ethereum blockchain back on top of its game in the crypto-verse.
If the investors’ confidence remains strong, then the trading price of ETH may surge to $2,000. Going forward, it is expected that the buying power of the investors may continue gaining momentum. This would help the trading price of ETH to grow up to $2,200.
Binance Coin – BNB
In the past few days, the trading price of Binance Coin has continued moving in the ascending channel. The report shows that the trading price of BNB recorded a bounce on July 26, when its value rose up to and crossed $239, 50-day SMA.
The price of BNB continued showing an uptrend movement and successfully moved over the downtrend line.
Despite the positive movement of the Binance Coin, it is expected that the investors may not support its bullish movement for long. This is because of the legal scrutiny that Binance is facing, which is the creator of Binance Coin.
The Binance Exchange is facing scrutiny by the US regulatory authority and it has resulted in causing uncertainty among the investors. While the investors are currently pouring money into Binance Coin, chances are that they may pull out soon. At the time of writing, the trading price of BNB is $298.71 but as the investors pull out of their investments, the trading price of BNB may plummet.
The price of BNB may end up falling below the 50-day SMA.