NewsletterEthereum Price Analysis: Potential Reversal May Extend ETH Range Rally
Since Mid-June, the Ethereum(ETH) has been wobbling between the $1261 to $1000 mark. The consolidation indicates aggressive buying and selling on their respective barriers, reflecting a range set up in the technical chart. Thus, this range can be considered a no-trading zone, and traders may wait for a genuine breakout from the mentioned resistance to trigger a directional rally.
Key points:
- The ETH price reclaimed dynamic resistance of the 20-day EMA
- The rising RSI reflected growth in underlying bullishness.
- The intraday trading volume in ETH/USD is $612.27 Million, indicating a 38.5% fall.
Source- Tradingview
On June 26th, the ETH recovery rally failed to surpass the $1261 resistance, indicating weakness in bullish commitment. Thus, the resulting reversal plummeted the altcoin by 21.8%, hitting the $1000 psychological level.
However, the ETH price shows sustainability above this level, reflecting the traders actively accumulating at this level. As a result, the buyers managed to propel the market value higher, triggering another recovery rally.
The ETH price has surged 18% since last week, currently trading at $1214. However, in June, the coin chart showed a red candle with a long wick and tails, indicating weak bullish momentum.
Thus, another reversal from this resistance would indicate the market is still uncertain, and the price continues to consolidate in a range.
However, a potential breakout from the overhead resistance may trigger a directional rally, reflecting its first target of 11.5%, higher at $1425.
Technical indicator
Supertrend- the supertrend indicator represents an overall downtrend in the daily time frame chart.
RSI indicator- despite a short-term lateral walk-in price action, the RSI slope climbing higher suggests rising bullish momentum. This bullish divergence indicates the ETH price has a better possibility of breaking the overhead resistance.
EMAs- The fast-moving 20-day EMA is flipped into viable support, trying to prevent a bearish reversal. However, a breakout down this support would give a suitable confirmation for downfall to $1000.
- Resistance levels: $1261 and $1425
- Support levels: $1130 and $1000
- Breaking: Coinbase Buys Solana DEX Vector.fun
- Breaking: December Rate Cut Odds Jump to 70% After Fed’s John Williams Signals Near-Term Easing
- BlackRock Moves Another $465M in Bitcoin and Ethereum Amid Crypto Market Sell-Off
- What Next for XRP Price as Bitcoin Falls Below $83,000 Again?
- BONK Gets Major Boost as BitCapital Prepares to Launch Its First ETP on Swiss Exchange
- Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
- Will XRP Price Rally to $3 After Bitwise Launches First XRP ETF on NYSE?
- Ethereum Price Hits Historical Liquidity Reset — Is a Bounce Coming?
- Solana Price Prediction: Key Indicators That Could Propel SOL Toward $200
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
