- Ethereum price action shows a strong continuation from yesterday's bullish action.
- ETH price still has some room to go higher intraday towards $2,830, despite a few bearish elements forming a cap.
- Expect possibly more upside to come tomorrow if peace talks and cease-fires remain standing.
Ethereum price action is on a tear today as all major cryptocurrencies are surfing on the tailwind coming from positive signals on Ukraine – with peace talks continuing and cease-fires holding for now. With this window of opportunity, bulls are falling over one another to get in long and are hitting every offer to get long ETH. Expect to see intraday price action hit $2,830 and possibly preposition for $3,000 tomorrow if this positive rhetoric persists.
Ethereum price set for big profits
Ethereum price made this morning a record move in the ASIA PAC session on much higher buy-volume got processed in its price action as bulls hit every offer within reach. Bears already saw the deal coming as headline news remained subdued, and no new elements were added to the negative situation in Ukraine. As the situation stabilises, markets are getting accustomed to the current stance, and that offers a good window of opportunity for bulls to squeeze out some bears and short-sellers that have been sitting too long on their positions.
ETH price is expected today to see a bullish continuation as this tailwind will be handed over to the US session and will trigger the third round of bulls buying into price action. This should help ETH bulls hit $2,830 with the monthly pivot and the 55-day Simple Moving Average (SMA) as double cap preventing more upside. Expect tomorrow's price target to be set at $3,018, with a break above $3,000 setting another 7% of gains intraday insight.
ETH/USD daily chart
Of course, these relief sparks are hanging by a thread against any negative headlines that could come out of Ukraine. Rumours of the cease-fires not holding up could be enough to see ETH price drop back to the opening price at $2,577 and possibly take a turn for the worse and start to form a red bearish candle dangling to drop to $2,400. That would mean a possible loss of around 7%.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
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.