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The Ethereum (ETH) price showcased more substantial gains than bitcoin this week, resulting in an upside breakout from the monthly consolidation phase. The last reversal from the $1000 bottom support surged four consecutive green candles and breached $1280 resistance. The expected retest may offer an entry opportunity to interested buyers.
Key points:
- The $1280 breakout foretells a 14.5% jump in ETH price
- During the possible retest phase, a daily candlestick closing below $1280 would invalidate the bullish thesis
- The intraday trading volume in Ethereum is $17.8 Billion, indicating an 8.6% gain
Source- Tradingview
After spending weeks trapped within a consolidation range, ETH prices take a sharp bullish turnaround avoiding a significant drop under the $1000 mark.
On 13th June, ETH prices boomed 7.25%, resulting in the start of a bull run scouting for a price jump of 22.46% over the week. The increased demand results in the breakout of the overhead resistance of $1280.
However, the ETH prices take a rest at the 50-day SMA after breaching the 20-day SMA resulting in the formation of a long wick candle. The selling observed of the daily candle reflects the possibility of price retesting the broken resistance level of $1280.
Additionally, the resting phase comes under the influence of a resistance trendline that remains a major obstacle to bullish growth.
Hence, if the post-retest reversal from $1280 exceeds the resistance trendline, ETH traders can expect a jump to the next horizontal level of $1536.
In an otherwise situation, a drop under breach resistance can result in further continuation and a fall to the $1000 support level.
Technical indicator-
Vortex indicator: during the recent consolidation, the VI+ and VI- slopes showed multiple crossovers projecting uncertainty among the market participants. However, with the recent resistance breakout, the enlarged gap between the positively aligned lines reflects strong bullish momentum.
ADX indicator: since the early time of the coin’s range-bound rally, the ADX slope constantly lowers, indicating weakness in bearish momentum. Moreover, as sellers lose their grip over this, the buyers may maintain a steady recovery.
- Resistance level- $1300, and $1400
- Support level- $1000 and $880
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