Strong technical indicators for the price of Ethereum suggest that the bull run may be just beginning.
Has Ethereum hit rock bottom?
Ethereum [ETH] saw a rally in the previous five days from its one-month demand zone in the $1,049 range. Following the recent series of green candlesticks, ETH is now under bullish control for the immediate future.
Right now, the price of Ethereum is $1,563. In response to bear suppression throughout the year, the bulls indicate a fierce riposte. If the bears fail to halt the uptrend, ETH price will likely continue to rise towards $1,650. He set an important target at $1,450.
ETH/USD trades at $1,563. Source: TradingView
ETH lost more than half of its value in just nine days while in its previous downturn phase (from June 10). As a result, on June 19, the alt moved closer to its 17-month low.
However, the bulls quickly confirmed the demand zone of the $1,049 area and promoted a resurrection of the ascending channel (yellow) within the 4-hour time frame. Due to the increase in the uptrend, the 20 EMA (red) crossed above the 200 EMA (cyan).
The bears might attempt to retest the $1,390 level if they recover from the 61.8% level. Another upstream channel outage could lead to a retest of the 20 EMA to the north before a likely recovery.
Investors who took part in last week’s bullish trade setup are 35% in the dark. At $1,304, bulls looking to join the market would be invalidated. Ethereum price could drop 45% if the bears breach this barrier and continue falling towards $970.
Related Reading | TA: Ethereum Surpasses Bitcoin, Why ETH Could Hit $1,500
Does the merger push up the price?
Since the merger timeline was made public, trading activity in the ETH market has increased. Podcaster Luke Martin claimed in a Tweeter that the price spike was caused by the news of the ETH merger.
“ETH Merge Trade Begins: Since Updated Merger Timeline, It Has Outperformed.”
However, Merge’s schedule could be extended beyond the predetermined date. It mainly depends on the quality of the Goerli fusion implementation. Haseeb Qureshi, crypto-VC expert predicted that the merger deadline would be delayed.
Related Reading | Liquidations top $230 million as Ethereum barrels top $1,400
Featured image from iStock Photo, charts from TradingView.com