7 August ETHUSD Price Technical Analysis: Ethereum is trapped in a narrow range

Ethereum price remained in a tight range above the $400 support level, consolidating against the US Dollar. What does the chart say about the upside move? The following 7 August ETHUSD Price Technical Analysis reveals.

7 August, AtoZ Markets – At the time of writing, ETHUSD is trading at $407, down 1.5% on a daily basis and virtually unchanged since the beginning of Tuesday.

The second largest cryptocurrency with the market capitalization over $41B has been trading in a narrow range lately, despite Bitcoin’s massive sell-off.

The decoupling may be a good signal, though the coin is sandwiched between strong technical levels, which can hardly be broken without a strong stimulus. 

SEC Verdict for VanEck SolidX Bitcoin Trust

On August 10 SEC will announce its verdict for VanEck SolidX Bitcoin Trust and allow or disallow CBOE to change its trading rules.

It is worth noting, that CBOE is determined to submit another application for Bitcoin ETF, which will trade VanEck shares. According to the undisclosed SEC sources, the commission is inclined to approve the ETF later.

“The hybrid exchange/regulatory elements there make a world of difference. The SEC will have an internal interest in dealing equitably with the CBOE. Believe me when I say that. The Gemini decision was expected from those in the know and could have easily been predicted.

Again, this stuff is more about timing than anything else. Approvals will come, it is more a matter of Q4 2018 or Q1 2019. And as I said before, that will open up the door to more crypto-based product submissions,”

the source said.

7 August ETHUSD Price Technical Analysis

On the downside, ETHUSD is well supported by $400. The upside is limited by $410 with a confluence of formidable technical levels, including 38.2% Fibo retracement daily and a host of SMAs.

As a consequence, ETH is confined to a depressingly narrow range for the time being. 

ETHUSD, the daily chart

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