An explosive start to the month for Ether (ETH): July 4 technical analysis
Ether (ETH) could get off to an explosive bullish start this month, in a context that seems favorable to a bullish recovery. If confirmed, this crypto could reach $2500.
A change in structure for Ether (ETH)
On ETH’s daily chart, we can observe a change in the downward trend since mid-April. This suggests that the current price structure favours an increase. What’s more, the race for Bitcoin ETFs led by major financial institutions is encouraging a surge in cryptos. Indeed, against this backdrop, bitcoin (BTC) could experience a price explosion in July. Given its positive correlation with the queen of cryptos, Ether (ETH) could also see an explosive start to the month.
What’s more, the price’s rebound from the 200-day moving average indicates a major change of direction. This moving average is a trend indicator widely used by investors. Thus, a rebound from this indicator can be seen as a resumption of the uptrend. Against this backdrop, Ether (ETH) is set to surpass its annual high of $2138, which BTC has already reached. In addition, the accumulation of BTC by large investors could exert upward pressure on the crypto market.
What do other indicators have to say?
As for indicators, the 14-day RSI is currently heading for the overbought zone. This follows the oscillator’s crossing of a downtrend line since mid-April. So, buyers seem to be favoured. What’s more, the Awesome Oscillators (AO) are above the median line and display dark green histograms. This further reinforces the credibility of the bullish hypothesis for Ether (ETH).
If this scenario holds, the first price target for ETH will be the annual high at $2138. If buying pressure persists, an increase to $2416 could be envisaged. In a very optimistic scenario, ETH could reach the psychological $3,000 level.
Entry points: 1908 $ ;
Stop level: 1891 $ ;
Target 1: 2138 $ ;
Target 2: 2416 $.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weeklyservice so you don't miss any of the essentials of Cointribune!
Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.