The crypto markets display a varied trend as the bulls and bears exhibit their strength at frequent intervals. While the Bitcoin price slipped below $59,000, the Ethereum price plunged close to $3200 but recovered finely above $3400. The prices have slipped slightly below the levels but they are displaying the possibility of reclaiming the levels above $3500 in the next few days. The current trade set-up suggests the ETH price is preparing for a massive upswing as the second largest token is set to go to the moon.
After breaking from the triangle, the ETH price soared by close to 30% but failed to rise above $4000. Following a rejection, the token is stuck within a steep bearish trend, forming consecutive lower highs and lows, displaying the swelling strength of the bears. The correction has been revoked as the market is waiting for positive fundamental leverage. Hence, before the price rises, the token is expected to test liquidity in the lower range.
The ETH price is again heading towards the lower support zone, which is expected to trigger a fine rebound as it did before. The Ichimoku cloud was bullish but the levels are approaching a bearish cross, which suggests the price could undergo an extended descending trend and enter the support zone between $3284 and $3324 before triggering the next bullish jump.
The second-largest is currently stuck within the correction phase to gather potential before possible growth on the trend with the target of forming a new ATH. The main focus is on ETH-ETF, which, according to rumours, may go live in the first week of July and is expected to be another positive signal for the crypto markets and the Ethereum (ETH) price rally. The token is witnessing an increase in the number of active wallets and hence the traders are actively buying call options with a strike at $4000 and expiration in September.
With the last round of negotiations going on between the issuers and the regulators, the Ethereum (ETH) price is expected to launch a fresh upswing towards a new ATH in the latter part of the year.
Credit: Source link