9 July Ethereum Price Technical Analysis: Will ETHUSD decline in the near term?

Yesterday, there was a fresh upside move above the $475 level in ETH price against the US Dollar. Later, it started a downside correction and declined below the $485 support. Is there a chance of an extended decline back towards the $460 level in the near term? Gain insight into the following 9 July Ethereum Price Technical Analysis.

9 July, GKFX – Ethereum, the seconds largest coin by market value, is changing hands at $482 after peaking at $495 on Sunday. Ethereum’s market value is $48.6B with average daily trading volume registered at $1.2B. Short-term volatility is growing amid subdued trading volumes.

Comments from the creator failed to impress market players

Tech Crunch’s Blockchain Sessions that took place in Swiss Zug on Friday featured Ethereum Founder Vitalik Buterin who heavily criticised cryptocurrency exchanges saying that he hopes all of them would burn in hell.

Buterin stands for more decentralization and laments the current trend in the market that moves towards centralized business models.

9 July Ethereum Price Technical Analysis

ETHUSD has lost 1.5% on a daily basis as a movement towards critical $500 lacked momentum and attracted new sellers. The price stays above the long-term sloping trend line (currently at $4537), which is a promising signal.

But the upside is capped by $500, followed by 50-DMA at $525. Ethereum gained almost 9% on a weekly basis, but the market is in no hurry for a decisive breakthrough.

ETHUSD, the daily chart


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