Ethereum analysis: Ethereum (ETH) cannot break away from its annual low in the long term

Ethereum Recap

  • After the Ether course failed to recapture the important resistance level at USD 1,267 in the last trading week, Ethereum corrected south again yesterday, Thursday.
  • Although the ether price has consolidated a good 20 percent since last Sunday, it stabilized as expected at the important support at USD 992, as mentioned in the previous week’s analysis.
  • With the recent course correction, Ethereum once again followed the key crypto currency Bitcoin (BTC), but the bulls prevented a sustained fall below the psychologically important support level of USD 1,000 for the time being.
  • It is now up to investors to stabilize the ether price above the USD 1,000 mark in the coming trading days in order to maintain the chance of a price increase back towards the high of the previous week.

Important course markers for the coming trading days

  • Looking at the ether chart, the high at USD 1,267 continues to act as the first relevant resistance. Only a dynamic recapture of this relevant price level activates the next price target in the form of the super trend at USD 1,359.
  • If the rally broadens, ether price could target the gray resistance area between $1,425 and $1,480 in the coming trading days.
  • If the buyer side does not succeed in bringing Ethereum back above USD 1,267 in a timely manner, and Ethereum gives up the support at USD 992 for the long term, the lows from the previous week at USD 935 and USD 882 will come into focus as short-term bearish targets.
  • The RSI and MACD indicators are currently showing an inconsistent picture. While the MACD in the daily chart still has an active buy-signal, the RSI indicator is still in bearish territory with a value of 32. For the time being, the RSI did not manage to rise back into the neutral zone between 45 and 55.

Bullish Scenario (Ethereum)

  • At the beginning of the week, the bulls tried to break out of the first relevant resistance level at USD 1,267, but failed miserably.
  • As a result, investors took more profits again, which pushed the ether price back to the key support at USD 992.
  • Yesterday, Thursday, June 30th, the buy side avoided a bearish breakout on the downside at the last minute.
  • The buyer camp must now do everything possible to raise the ether price above the first relevant resist level at USD 1,267 in a timely manner.
  • Only a daily closing price above this strong resistance mark should offer further price potential in the direction of USD 1,359. The recapture of the EMA200 in the weekly chart would be an important signal for an initial price stabilization.
  • If the ether price then jumps back further north above the supertrend at USD 1,359, a march through to the gray resistance zone becomes increasingly likely.

Tech recovery picks up speed

  • If the bulls can then maneuver the Ethereum price above the upper edge of the gray resist zone at USD 1,473, Ethereum should march through to USD 1,571. The EMA50 (orange) is currently running just above it.
  • If there is no renewed price consolidation and the crypto market continues to gain momentum, the bulls will do everything in their power to hit the trailing edge at USD 1,713. In addition to the strong horizontal resistance, the red short-term downtrend line runs from the high at USD 2,164 at this price mark. In the first attempt, a course setback should be planned.
  • If the bulls succeed in stabilizing the ether price above USD 1,713 in the coming weeks, the next resistance level in the form of the 23 Fibonacci retracement at USD 1,909 will come into focus.
  • A break above this resistance will activate the next potential recovery targets at $2,050 and $2,164. At the latest at USD 2,164, Ethereum should bounce off more clearly to the south.
  • As long as the buyer side can stabilize the ether price above USD 1,713, a price recovery up to the yellow resist area between USD 2,305 and USD 2,485 is conceivable. Furthermore, this resistance zone is to be regarded as the maximum bullish price target.
  • Only if the bulls manage to recapture this area by the end of the week will the overriding price target of USD 2,733 become a medium-term target again.

Bearish Scenario (Ethereum)

  • The bears are still not letting up. Once again, the seller camp managed to cap the ether course at the first relevant resistance.
  • Although the buyer side prevented another fall below the support at USD 992 yesterday, Thursday, the recovery currently seems to be faltering at the 78 Fibonacci retracement at USD 1,115.
  • If Ethereum breaks below the purple support zone again in a timely manner, a renewed approach to the support levels at USD 935 and USD 882 is likely.
  • If the bulls do not succeed in stabilizing the ether price again here, an expansion of the correction up to USD 720 should be planned.

Lower course goals are to be planned

  • If the crypto market also tends further south, a retest of the zone between USD 663 and USD 634 is also conceivable in the medium term. In addition to the higher-level 50 Fibonacci retracement, the breakout level from December 2020 can also be found here.
  • Once again, the buyer side must do everything possible to turn the course of the second largest cryptocurrency back north.
  • A sustained underperformance in Ethereum could even cause the price to correct itself in the coming trading months up to the maximum bearish target range of between USD 531 and USD 489.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.95.

You want to buy Bitcoin (BTC)?

We show you the best providers where you can buy and sell Bitcoin in just a few minutes.

To the guide

#Ethereum #analysis #Ethereum #ETH #break #annual #long #term

Leave a Comment

Your email address will not be published.