23 July ETHUSD Price Technical Forecast: Ethereum recovers to $470


Ethereum has recovered from the low of $439.54, reached early on Monday, but it is still well below recent high. What is next? The following 23 July ETHUSD Price Technical Forecast reveals.

23 July, GKFX – The second largest coin with a market value registered at $4B have an average daily trading volume settled at $1.3B. It is mostly unchanged on a daily basis while growing volatility may trigger more extended recovery amid positive sentiments of a broader crypto market.

Ethereum Developers Propose to Reduce Block Reward

Ethereum has fallen victim airdrops of Chinese crypto exchange FCoin and spam attacks, allegedly triggered by EOS bots. They resulted in a transaction fee growth amid lower trading volumes. Apparently, Ethereum network is still experiencing negative consequences of those events. 

Meanwhile, Ethereum developers propose to reduce block reward from 3 ETH to 2 ETH simultaneously with the difficulty increase. 

“In order to maintain stability of the system, a block reward reduction that offsets the ice age delay would leave the system in the same general state as before. Reducing the reward also decreases the likelihood of a miner driven chain split as Ethereum approaches proof-of-stake,”

they said.

23 July ETHUSD Price Technical Forecast

Looking technically, ETHUSD is supported by Fibo retracement level and short-term upside trend line currently at $460. Once this area is cleared, the sell-off may be extended towards $440 (Friday’s low ) and $421 (the lowest level of July 12).

On the upside, the resistance is created by $473 (Sunday’s high). The psychological $500, followed by $516 (recent high) are likely to cap potential recovery for the time being

ETHUSD, 1-hour chart

Disclaimer

This article 23 July ETHUSD Price Technical Forecast was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

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