Ethereum (ETH) cannot hold on…

Ethereum Summary

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

Important course markers for the upcoming trading days

• Looking at the ether chart, the high of $1,267 continues to act as the first relevant resistance. Only a dynamic recovery of this relevant price level triggers the next price target in the form of a super trend at $1,359.
• If the rally widens, ether price could target the gray resistance area between $1,425 and $1,480 in the coming trading days.
• If the buy side fails to get Ethereum back above $1,267 in a timely manner, and Ethereum relinquishes long-term support at $992, the previous week’s lows at $935 and $882 will come into focus as short-term bear targets. term.
• The RSI and MACD indicators currently show an inconsistent picture. While the MACD on the daily chart still has an active buy signal, the RSI indicator is still in bearish territory with a value of 32. At the moment, the RSI failed to rise back to the neutral zone between 45 and 55. .

Bullish scenario (Ethereum)

• At the beginning of the week, the bulls attempted to break out of the first relevant resistance level at $1,267, but failed miserably.
• As a result, investors returned to take more profit, driving the price of ether back to the key support of $992.
• Yesterday, Thursday, June 30, the buying side avoided a bearish breakout to the downside at the last minute.
• The buying camp must now do its best to push ether price above the first relevant resistance level at $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 $1,359. The recovery of the EMA200 on the weekly chart would be an important signal for an initial price stabilization.
• If ether price breaks further north above the $1,359 supertrend again, a move towards the gray resistance zone is increasingly likely.

Technological recovery accelerates

• If the bulls can maneuver Ethereum price above the upper border of the gray resistance zone at $1473, Ethereum should move up to $1571. The EMA50 (orange) is currently running just above it.
• If there is no renewed price consolidation and the cryptocurrency market continues to gain momentum, the bulls will do everything in their power to reach the $1,713 limit. Apart from the strong horizontal resistance, the short-term red downtrend line extends from the high of $2,164 at this price. On the first attempt, a setback of the course should be planned.
• If the bulls manage to stabilize ether price above $1713 in the coming weeks, the next resistance level in the form of the 23 Fibonacci retracement at $1909 will come into focus.
• A break above this resistance will trigger the next potential recovery targets at $2,050 and $2,164. By $2,164 at the latest, Ethereum should bounce more clearly to the south.
• As long as the buy side can stabilize the ether price above $1,713, a price recovery to the yellow resistance area between $2,305 and $2,485 is conceivable. Also, this resistance zone should be considered as the price target. maximum bullish.
• Only if the bulls manage to recapture this area by the end of the week will the main price target of $2,733 become a medium-term target again.

Bearish scenario (Ethereum)

• The bears are not giving up yet. Once again, the seller’s field managed to limit the course of the ether at the first relevant resistance.
• Although the buying side avoided another drop below the support at $992 on Thursday, the recovery currently seems to be failing at the 78 Fibonacci retracement at $1,115.
• If Ethereum breaks back below the purple support zone in a timely manner, a renewed focus on the support levels at $935 and $882 is likely.
• If the bulls fail to stabilize ether price again here, an expansion of the correction to $720 should be planned.

The objectives of the lower course must be planned

• If the crypto market also trends further south, a retest of the $663-$634 zone is also conceivable in the medium term. In addition to the top level 50 Fibonacci retracement, the December 2020 breakout level can also be found here.
• Once again, the buyer side must do all it can to turn the second largest cryptocurrency north.
• A sustained underperformance in Ethereum could even cause the price to correct to the maximum downside target range of $531-$489 in the coming trading months.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations, they are merely an analyst’s assessment.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of publication: 0.95 EUR.