Ethereum is currently priced at $1,799.52, with a 24-hour trading volume of $13.50 billion and a market cap of $217.18 billion. According to CoinMarketCap, ETH has gained 0.99% in the last 24 hours, recovering from earlier declines.
Analyst: Recent Rally Part of Corrective Structure, Not New Bull Trend
On July 11, crypto analyst More Crypto Online stated that despite the rally from June's lows, Ethereum's price still fits within a large corrective structure. The analyst highlighted that recent gains likely represent an ongoing Elliott Wave correction rather than the start of a sustained bull market. He noted that the first downtrend may have concluded, and the current move could be a wave-two rally, possibly followed by another decline in July or August. A sustained break above resistance levels could trigger a larger upward move, but staying below keeps bears in control.
Key Resistance and Support Levels Outlined
Critical resistance levels identified include $1,815, $1,926, $2,045, and $2,226. If ETH surpasses these points, bearish sentiment could reverse. On the downside, support holds at $1,550, $1,400, $1,060, and $900—levels that could attract buying interest if selling pressure returns. The analyst emphasized that current price action reflects a three-wave corrective structure, not the five-wave formation typical of an uptrend.
Short-Term Technicals Signal Buyer Strength
Short-term indicators confirm buyers currently control the market. Ethereum's price sits above the mid-Bollinger band at $1,687.45, signaling persistent demand. If the recovery continues, the upper Bollinger band at $1,865.98 is expected to act as key resistance.
The MACD indicator supports the bullish outlook: its line at 9.99566 is above the signal line at -12.57129, and the histogram remains positive at 22.56694, reflecting improving buying strength.
The coming sessions may prove decisive. If bulls push ETH above $1,815 and hold, focus shifts to $1,926 and $2,045. If not, attention returns to the $1,550 support, which could determine whether the current rally continues or a deeper correction resumes.
