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Ethereum Price Analysis - ETH Attempts To Break June Falling Trendline And Turn Bullish

source-logo  coincodex.com 29 June 2021 14:01, UTC

Key highlights:

  • Ethereum is up 9% today as the cryptocurrency soars back above $2000 again
  • It is now testing the June falling trendline as it attempts to break the downtrend from the month
  • Against Bitcoin itself, Ethereum managed to rebound from support at ₿0.056 and is back above ₿0.061
Ethereum price $2,180
Key ETH resistance levels $2,253, $2,353, $2,446, $2,600, $2,800
Key ETH support levels $2,075, $2,000, $1,824, $1,800, $1,750

*Price at the time of publication


Ethereum is up by a robust 9% today as the cryptocurrency breaks back above $2000 and hits $2180. The coin found support at $1800 (.886 Fib Retracement) over the weekend and has since rebounded to break back above $2000 and test the June falling trendline. A break above here would end the downtrend that ETH has been trading within throughout June.

The surge back above $2000 comes as Ethereum is expecting a hard fork upgrade in July, dubbed London. The upgrade would see EIP-1559 introduced to the network, which will cap the Ethereum gas fees and will stabilize the volatility seen in the daily transaction fees. Additionally, EIP-1559 will actually start to burn a portion of the fees collected from transactions, turning ETH into a deflationary asset.

There are also a host of other upgrades that will come with the London hard fork:

The #ethereum London hard fork consists of 5 EIPs :
1.EIP-1559: Fee market change for $ETH 1.0 Chain
2.EIP-3554: Difficulty Bomb Delay to December 2021
3.EIP-3529: Reduction in Refunds
4.EIP-3541: Reject new contracts starting with the 0xEF byte
5.EIP-3198: BASEFEE opcode

— Young And Investing (@QuintenFrancois) June 27, 2021

In other news, data from Santiment shows that Ethereum is continuing to gain traction ahead of the hard fork as it surpasses the address activity relative to Bitcoin for the first time in crypto history:

Following up on yesterday's report on #Ethereum #FUD and the buy opportunity we saw, today has marked a historic day - For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100. https://t.co/577N726RLL https://t.co/BSleSWdGID pic.twitter.com/eG5GrpYNBp

— Santiment (@santimentfeed) June 28, 2021

On the bearish side of things, it seems that the mining ban in China has affected the Ethereum hash rate, as it dropped by almost 20%:

Ethereum remains the 2nd largest cryptocurrency asset as it currently holds a $253 billion market cap value. 

Let us continue to take a look at the markets and see where they might be heading.

Ethereum price analysis

What has been going on?

Taking a look at the daily chart above, we can clearly see that ETH has been trading beneath a falling trend line for the entire period of June. Nevertheless, over the weekend, the cryptocurrency managed to sustain the support around $1,800, provided by a .886 Fib Retracement level.

Since then, ETH has rebounded higher, and it managed to breach $2,000 yesterday. It has continued upward today and is now testing the falling trend line. A break above this trendline would end the June downtrend and could possibly give way to a recovery back toward the June highs around $2,920.

Ethereum price short-term prediction: Neutral

The break back above $2,000 has turned ETH neutral again. It is still a long way from turning bullish and would have to break the June highs at $2,921 to start to turn bullish in the short term. On the other side, a closing candle beneath $1,800 would be required to turn the market bearish again.

If the sellers push lower, the first support lies at $2,075 (.786 Fib Retracement). This level had supported the market during the May market capitulation. Beneath this, support lies at $2,000, $1,800 (.886 Fib Retracement), $1,715, and $1,600.

Where is the resistance toward the upside?

On the other side, if the buyers can break the falling trendline, the first resistance lies at $2,255 (bearish .236 Fib Retracement). This is followed by resistance at $2,353 (1.414 Fib Extension), $2,446 (1.618 Fib Extension), and $2,623 (bearish .382 Fib Retracement).

Additional resistance is then expected at $2,800, $2,921 (bearish .5 Fib Retracement), $3,000, and $3,220 (bearish .618 Fib Retracement).

ETH/BTC price analysis

What has been going on?

ETH has also been falling quite substantially against BTC in June. The cryptocurrency managed to find support at ₿0.0563 (.5 Fib Retracement) over the weekend and started to rebound higher from there yesterday to hit resistance at ₿0.06 (bearish .236 Fib Retracement).

Today, ETH continued to push upward as it hit ₿0.061, where it currently trades. 

Ethereum price short-term prediction: Neutral 

As Ethereum is still above the 100-day MA, we can consider the market neutral. However, it would need to clear the resistance at ₿0.077 (June highs) to turn bullish in the short term. On the other side, a drop beneath the support at ₿0.055 (100-day MA & .5 Fib) would turn the market bearish.

If the sellers push lower, the first level of support is expected at ₿0.06. This is followed by support at ₿0.0563 (.5 Fib Retracement), ₿0.055, ₿0.0533 (downside 1.618 Fib Extension - purple), and ₿0.051 (downside 1.414 Fib Extension - orange).

Additional support lies at ₿0.05 (.618 Fib Retracement), ₿0.048, and ₿0.045.

Where is the resistance toward the upside?

On the other side, the first resistance lies at ₿0.0637 (bearish .382 Fib Retracement). This is followed by resistance at ₿0.066 (bearish .5 Fib Retracement), ₿0.069 (bearish .618 Fib Retracement), ₿0.0727 (bearish .786 Fib Retracement), and ₿0.077 (June highs).

Keep up to date with the latest ETH price predictions here.

coincodex.com