With just 7 days remaining for the Bitcoin halving, the markets appear to have geared up for the event. After a brief pullback, the BTC price has made up again above $71,000, indicating that traders are turning optimistic about the upcoming trend. Besides, the second largest token, Ethereum, has sustained above $3500, maintaining a healthy upswing to reach higher targets before the end of the month.
Now the question arises whether the traders fall into the FOMO rally. Will this help the ETH price to soar above $4000?
Ever since the price faced rejection from the yearly highs just above $4000, it has been chopping around a narrow range. Despite the volume remaining within the average levels, the volatility failed to rise to the required levels. However, the markets that have begun to turn bullish ahead of halving are speculated to lift the ETH price above the accumulation zone, assisting it to reach above $4000 soon.
The daily chart shows the ETH price trading within a decisive symmetrical triangle, which usually flows in the direction of the volume induced. As the RSI remains within the average range, it signals less participation from both bulls and bears, due to which the rally has remained in equilibrium. Despite this, the bullish momentum is expected to mount as the MACD remains within the bullish range and may soon flash a ‘buy’ signal.
These indicators point towards the price is closer to experiencing a strong upswing while the minimum required level to reach is around $3678 in such a case. Any rejection before achieving these levels may not certify a rise above the bearish influence, resulting in an extended bearish trend. It appears to be unlikely as the Ethereum (ETH) price is trading close to the upper resistance and materialise a strong breakout anytime from now.
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