 ▲ Ethereum (ETH) |
While Ethereum (ETH) has been in a downward trend for some time, bulls have been spotted trying to break through the $3,600 support line, but the possibility of a rally has been raised.
Cointelegraph, a cryptocurrency media outlet, explained that Ethereum rebounded from the 50-day simple moving average (SMA) of $3,415 as of the 14th (local time), forming an attractive low that would attract buyers.
The fact that Ethereum rebounded from the 50-day SMA also suggests that selling pressure is easing. If the bulls remain firmly above the 50-day SMA, a strong rally is expected to continue.
Also, the important price range to pay attention to is the 20-day exponential moving average (EMA) of $3,612. Ethereum reaching 20 EMA suggests the end of the price correction. Afterwards, it is expected to try to break through $3,730 and $3,977 one after the other.
However, if Ethereum falls below the 20-day EMA and 50-day SMA, the bullish outlook may be invalidated and a major support line may be formed at $2,850.
CoinGape, a media outlet specializing in virtual assets, raised the possibility that Ethereum will exceed $4,200.
However, CoinGape noted that as a condition for the rally, bulls must succeed in breaking through $3,600. At this time, it was predicted that a resistance zone would be formed in the range of $3,800 to $3,900, and a rally would occur up to $4,216.
Meanwhile, some paid attention to Bloomberg analyst Eric Balchunas' prediction that Ethereum spot exchange-traded fund (ETF) trading would begin in the U.S. market in early July. He said that the S-1 document is likely to be approved on or before July 2, and pointed to the day after the S-1 document approval as the start date for Ethereum spot ETF trading.
