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An opportunity to buy Ether (ETH)? June 28 technical analysis

Thu 29 Jun 2023 ▪ 3 min of reading ▪ by Fitah
Invest

Ether (ETH) stabilizes around $1850, potentially offering a buying opportunity. The uptrend could indeed continue in a context favorable to cryptos.

Ether buying opportunity

15% rebound for Ether (ETH)

After a correction phase, ETH rebounded, recovering 15% of its value. However, unlike bitcoin (BTC), which reached a new annual high, ETH is struggling to post gains this month. No structural changes can be observed on the ETH chart. Nonetheless, BTC’s break of several resistances could point to further upside for ETH.

In this context, the current stability of the Ether (ETH) price could represent a buying opportunity for investors. Indeed, a major rally is often followed by a week of consolidation, as happened in March.

If this pattern repeats itself, a rise of at least 20% in ETH could be envisaged. In this way, the current range could be maintained until the end of the week, before the uptrend resumes in early July.

Ether opportunité d'achat
ETH daily chart – source: TradingView

An attractive buying zone?

If this bullish hypothesis is confirmed, ETH could reach levels above $2138. In this case, the 61.8% Fibonacci level of the June 21 range could be an interesting entry point. However, if the price breaks through the level around $1792, this hypothesis would be invalidated.

In this scenario, Ether (ETH) could retreat towards the 200-day moving average, which currently stands at $1,672. This bearish hypothesis would be confirmed if bitcoin (BTC) were to show bearish signals. However, the current environment seems favorable to a rise in cryptos, as major financial players begin to show interest in these assets.

Buy position setup:

Entry: $1830 ;

Stop : 1792 $ ;

Target : 2200 $.

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Fitah avatar
Fitah

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.

DISCLAIMER

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.