EthereumLong
a possibility could propel the price higher
Over the June month, last weekend at June 30th Sunday, the ETH market exhibited a bullish trend and gained a 5% jump to the $3,500 resistance level. However, gains failed to sustain as it declined below the $3,435 mark. This dynamic trendline resistance has been in play and a recurring challenge since June 7th, when it failed to reach the $4,000 level.
On July 1st, 2024, Ethereum confirmed this bullish phase was short-lived as the price faced a correction, as it shooked off from the 50-day EMA hurdle. On July 2nd and 3rd followed the decline up to $3333, and at the time of writing, it continues struggling at the support zone at $3250. Where it last traded at $3363.1 with an intraday decline of -1.57% (at press time).
Additionally, the ETF’s breaking has been shared today by the ETF store president, and analysts are optimistic for $4000 mark, from the current price that would be nearly 20% on daily chart.
The ETH technical tools show that the price is facing a hurdle from the 50-day dynamic EMA band and has been trading above the 200-day EMA band. Meanwhile, the MACD line has been below the signal line, and RSI flashed at 41.04, facing the oversold territory.
Overall, indicators are depicting the current price activity, and that would be bearish, after a certain bullish formation, these could flip the indications. But, in this low momentum trading activity in ETH, the long-term indication stays bullish, as it's above 200-day EMA. The indicators show uncertain price action, as of now.
On the upside, if Ethereum continues to break above dynamic trendline resistance and moves past the $3,500 hurdle mark on the daily ETH/USD chart. The major resistance levels could be anticipated near at $3,700 and $3,750, with a potential close above the price level of $3,750.
Thereon, a possibility could propel the price towards the $3,900 and $4,000 resistance levels. Meanwhile, in the future, a decisive break above the level of $4,000 could further increase the Ethereum price towards the $4,250 level and beyond.
Conversely, if Ethereum fails to cross the $3,500 resistance mark, it may enter a further decline in price. Initial support could be near $3250, with key support at $3070. Likewise, a clear move beneath this support could see the price drop towards $2960, with further losses potentially driving it below the $2850 level, as well.
On July 1st, 2024, Ethereum confirmed this bullish phase was short-lived as the price faced a correction, as it shooked off from the 50-day EMA hurdle. On July 2nd and 3rd followed the decline up to $3333, and at the time of writing, it continues struggling at the support zone at $3250. Where it last traded at $3363.1 with an intraday decline of -1.57% (at press time).
Additionally, the ETF’s breaking has been shared today by the ETF store president, and analysts are optimistic for $4000 mark, from the current price that would be nearly 20% on daily chart.
The ETH technical tools show that the price is facing a hurdle from the 50-day dynamic EMA band and has been trading above the 200-day EMA band. Meanwhile, the MACD line has been below the signal line, and RSI flashed at 41.04, facing the oversold territory.
Overall, indicators are depicting the current price activity, and that would be bearish, after a certain bullish formation, these could flip the indications. But, in this low momentum trading activity in ETH, the long-term indication stays bullish, as it's above 200-day EMA. The indicators show uncertain price action, as of now.
On the upside, if Ethereum continues to break above dynamic trendline resistance and moves past the $3,500 hurdle mark on the daily ETH/USD chart. The major resistance levels could be anticipated near at $3,700 and $3,750, with a potential close above the price level of $3,750.
Thereon, a possibility could propel the price towards the $3,900 and $4,000 resistance levels. Meanwhile, in the future, a decisive break above the level of $4,000 could further increase the Ethereum price towards the $4,250 level and beyond.
Conversely, if Ethereum fails to cross the $3,500 resistance mark, it may enter a further decline in price. Initial support could be near $3250, with key support at $3070. Likewise, a clear move beneath this support could see the price drop towards $2960, with further losses potentially driving it below the $2850 level, as well.
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