Price Analysis

Ethereum Price Eyes $2500 As Next Target; Is It A Good Time To Enter?

The Ethereum price sustainability above the recently reclaimed trendline indicates buyers are ready for further rally.
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Ethereum Price Eyes $2500 As Next Target; Is It A Good Time To Enter?

On June 2nd, the Ethereum price formed a bullish morning star candle at the recently breached resistance trendline, indicating that the buyers are sustaining at higher chart levels. The trendline which previously acted as a dynamic resistance now offers suitable support suggesting the market sentiment shifting from selling on rallies to buying on dips. Can the potential recovery in ETH price reach $2000?

Also Read: Bitcoin, Ethereum Recover On Debt Ceiling Deal, US Fed Pause, Easing Jobs Market

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Ethereum Price Daily Chart

  • The Ethereum fear and greed index at 56% reflects the market sentiment support bullish recovery
  • The rising ETH price may witness a minor hurdle at $1922 aligned with the 23.6% Fibonacci extension level.
  • The intraday trading volume in Ether is $4.2 Billion, indicating a 31% gain.

Source- Tradingview

A bullish breakout from the wedge pattern has set the Ethereum price on a recovery track. By press time, the coin price trades at $1904, with an insignificant intraday loss of 0.18%. 

If bullish momentum persists, the ETH price could rise to $2020 or $2120 levels combined with the 32.8% and 50% Fibonacci extension levels. This technical tool allows traders to identify potential price targets or areas of interest in a trending market.

However, concerning the length of the recent correction, a successful flip above $2120 will hint at the resumption of the prevailing recovery rally and push the ETH price to $2500(100% FIB).

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Will Ethereum Price Rise to $2500?

Completion of the wedge pattern is an early sign of recovery for the Ethereum price. However, to reach the $2500 mark, this altcoin will need a 30% rally which is less likely this month, as the current market sentiment is still uncertain. While the aforementioned target may reach gradually the coin holders should keep a close watch on the following hurdles of $1920, $2020, $2138, and $2340. A breakout from each of these barriers may offer a new entry opportunity to interested traders.

  • Relative Strength Index: The daily RSI slope(57%) will give a significant confirmation for aggressive bullish if breach the 60% after wavering lower for the past six weeks.
  • Exponential Moving Average: A breakdown below the dynamic support of 20-and-50-day EMAs will signal the invalidation of the bullish thesis mentioned above.
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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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