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Ethereum traders gauge fakeout risks after 40% ETH price rally

Published 07/17/2022, 08:20 AM
Updated 07/17/2022, 10:00 AM
Ethereum traders gauge fakeout risks after 40% ETH price rally
ETH/USD
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Ethereum's native token Ether (ETH) saw a modest pullback on July 17 after ramming into a critical technical resistance confluence.

ETH's price dropped by 1.8% to $1,328 after struggling to move above two strong resistance levels: the 50-day exponential moving average (5-day EMA; the red wave) and a descending trendline (black) serving as a price ceiling since May.

ETH/USD daily price chart. Source: TradingView
ETH/USD daily price chart. Source: TradingView
ETH/USD daily price chart featuring ascending triangle breakdown setup. Source: TradingView

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