Ethereum Consolidates Below 8 Month Trend, Will Bulls Blast It?
-ETH has risen nearly 100% over the last month
-Price has been forming an ascending channel
-The 20MA has been holding as support for over 3 weeks
Ethereum has shown immense strength after it successfully launched its “London” upgrade earlier this month. One of the advancements with this upgrade is that now ETH is burned from each transaction, essentially bringing ETH closer to a deflationary asset. At the time of writing, over 71,000 ETH has been burned since this upgrade. Investors took a bullish stance towards this & since the upgrade took place, ETH has been in a strong uptrend. As long as BTC stays steady, ETH will likely hit mid $3000s soon.
While looking at the last 10 days of trading, we can see how ETH has formed an ascending channel (potential bull flag). Bulls have been consolidating below a near 9 month trend line which was holding the price of ETH until mid June. Ethereum must regain this trend to experience a large rally. In addition to this trend lies a major resistance zone from $3135-$3323. Bulls must barrel through these two marks for ETH to have a clear sky to its given targets. In the likely case that ETH breaks above this marks, expect price to rise to $3565 & potentially $4092.
Ever since ETH broke over $2000 it has been supported by the 20 day MA. This MA is a good gauge to determine if price is in an uptrend or not. If at any time ETH breaks below this MA, we should expect further downfall into a potential short term bear trend. Along with this MA lies a major support zone of $2927 which price has been holding for nearly 2 weeks. In the case bears assert more dominance & ETH breaks below this support along with the bottom trend of its channel, expect a retracement to $2616 to occur.
While looking at the Stochastic RSI, we can see how strength just reset to the oversold territory. This is a healthy scenario as it means price is regaining strength for a potential run up. As long as the stochastic stays above the 20 value, we should expect a bullish breakout to soon occur. The relative strength index has formed a slight bull flag pattern. A breakout of the top trend is needed for a large push in price to occur.
ETH Intraday Analysis
Spot rate: $3274
Trend: Bullish
Volatility: High
Support: $2927
Resistance: $3323
-Price has been forming an ascending channel
-The 20MA has been holding as support for over 3 weeks
Ethereum has shown immense strength after it successfully launched its “London” upgrade earlier this month. One of the advancements with this upgrade is that now ETH is burned from each transaction, essentially bringing ETH closer to a deflationary asset. At the time of writing, over 71,000 ETH has been burned since this upgrade. Investors took a bullish stance towards this & since the upgrade took place, ETH has been in a strong uptrend. As long as BTC stays steady, ETH will likely hit mid $3000s soon.
While looking at the last 10 days of trading, we can see how ETH has formed an ascending channel (potential bull flag). Bulls have been consolidating below a near 9 month trend line which was holding the price of ETH until mid June. Ethereum must regain this trend to experience a large rally. In addition to this trend lies a major resistance zone from $3135-$3323. Bulls must barrel through these two marks for ETH to have a clear sky to its given targets. In the likely case that ETH breaks above this marks, expect price to rise to $3565 & potentially $4092.
Ever since ETH broke over $2000 it has been supported by the 20 day MA. This MA is a good gauge to determine if price is in an uptrend or not. If at any time ETH breaks below this MA, we should expect further downfall into a potential short term bear trend. Along with this MA lies a major support zone of $2927 which price has been holding for nearly 2 weeks. In the case bears assert more dominance & ETH breaks below this support along with the bottom trend of its channel, expect a retracement to $2616 to occur.
While looking at the Stochastic RSI, we can see how strength just reset to the oversold territory. This is a healthy scenario as it means price is regaining strength for a potential run up. As long as the stochastic stays above the 20 value, we should expect a bullish breakout to soon occur. The relative strength index has formed a slight bull flag pattern. A breakout of the top trend is needed for a large push in price to occur.
ETH Intraday Analysis
Spot rate: $3274
Trend: Bullish
Volatility: High
Support: $2927
Resistance: $3323