Ethereum
Ethereum Price Chart Hints at $4,000 Soon
Ethereum price has fallen 4.6% over the past 7 days, including a 0.2% decline over the past 24 hours to trade at $3,382. Meanwhile, Bitcoin price fell to $61,000, closing in on the key resistance level of $60,000.
20% Ethereum Price Breakout Could Happen Before End of June
ETH Price the action is interesting because inside the giant ascending triangle a descending wedge is forming. In fact, the descending wedge has formed over the past month and price room to maneuver is narrowing. Falling wedges are generally bullish market structures because they have a higher probability of breaking higher.
THE Ethereum Price the stock is trading below the 50-day simple moving average but above the 200-day simple moving average (SMA), indicating a fight between bears and bulls.
If Ethereum price breaks above the descending wedge, it could trigger a 20% move that would take the asset back above $4,000. On the other hand, Ethereum has strong support around $3,000 to keep the price high.
The ETH price lag (despite increasingly positive fundamentals) could be driven by Bitcoin, which has left many market participants in a state of panic as it encroaches on a dangerous support level.
Bitcoin Price fell 1.59% yesterday and closed the day at $60,807. Even though today the price is up slightly, it still doesn’t constitute good news.
The entire area between $60,198 and $62,252 is a danger zone as a close below this range could lead to a further price decline to the $50,000 support level.
On a positive note, if Bitcoin price manages to rebound from this level, we could see a rise to $70,000 soon after.
Ethereum price lags despite positive fundamentals
Ethereum price action is preparing for an upside pause in anticipation of the approval of an Ethereum ETF by July. US SEC Chairman Gary Gensler told a Bloomberg Invest audience that Ethereum ETF Approval the process “went smoothly.” In a separate interview with the Financial Times, Gensler reported that ETFs would begin trading soon. These developments have Ethereum investors on the edge of their seats for what could be the biggest ETH and altcoin run in crypto history.
Conclusion
BTC is under downward pressure, with ETH showing promise of a significant breakout. As Bitcoin approaches the critical support level of $60,000, this price action could signal short-term bearish sentiment in the broader context. crypto market, which justifies caution and strategic decision-making.
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Evans Karanja is a content writer and screenwriter specializing in cryptography, blockchain and video games. He has worked with various startups in the past, helping them create engaging, high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes blockchain will revolutionize many industries in the coming years. When he’s not writing, you can find him playing video games or chasing stunts.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.