- Ethereum price has defended its range low of $884.51 since early 2021 while the $4,485.32 peak capped the upside.
- If ETH manages to close above $3,602.43, it could catalyze a continuation to the January 2021 peak.
- A break and close below the midrange of the channel at $2,684.92 would invalidate the bullish thesis.
Ethereum (ETH) price is trading with a bullish bias, having breached the midline of the market range between the January low around $884.51 and the November high of the year 2021 around $4,485.32.
Also Read: Ethereum Layer 2 transaction volume surges driven by system upgrades, increasing partnerships
Ethereum price could retake the November 2021 highs if bulls play the long game
Ethereum (ETH) price is above the 50% Fibonacci retracement level of $2,684.92 after a bullish bounce above the $2,000 psychological level in November 2023.
With momentum still rising, ETH price could extend the gains, shattering the $3,602.43 blockade before an extension to the local top around $4,485.32. A weekly candlestick close above $3,602.43 would pave way for more gains.
In a highly bullish case, the gains could see the largest altcoin by market capitalization reclaim the $4,868.00 range high. Such a move would denote a 30% climb above current levels.
Bulls continue to remain well within the ETH market, as seen with the large volumes of green histogram bars of the Awesome Oscillator (AO) in positive territory. This is despite Ether being massively overbought and could play in favor of the upside.
ETH/USDT 1-week chart
On the other hand, if the $3,602.43 level holds as a resistance in the weekly timeframe, the Ethereum price could retest the midpoint of the market range at $2,684.92, with a break and close below it invalidating the bullish thesis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.