Top analysts predict a bullish momentum for the price of Ethereum as the cryptocurrency’s basing structure indicates a potential pump. The recent labeling of ETF applications by the SEC has drawn criticism from Patrick McHenry.
In a tweet by Bluntz (@Bluntz_Capital), he expresses optimism about Ethereum for the rest of the year, suggesting that it is set up for another bull run. Bluntz highlights Ethereum ($ETH) specifically, noting its beautiful basing structure on the USD pair and early signs of reversal on high timeframes against Bitcoin ($BTC).
the rest of this year is looking like its setting up for another bull run imo.$eth has a beautiful basing structure on the usd pair and its btc pair also has very nice early signs of reversal on high timeframes.
i am expecting eth to outperform btc pic.twitter.com/xBaD6cbYMT
— Bluntz (@Bluntz_Capital) July 1, 2023
He expects Ethereum to outperform Bitcoin in the near future. This tweet has generated interest and speculation among traders and investors, suggesting a positive outlook for Ethereum’s price and potential for significant gains compared to Bitcoin.
Ethereum Price Prediction
Ethereum price today stands at $1,914, with a 24-hour trading volume of $4.4 billion. Over the past 24 hours, Ethereum has experienced a slight decrease of around 0.50%. Currently ranked as the second-largest cryptocurrency by CoinMarketCap, Ethereum holds a live market cap of $230 billion.
From a technical perspective on Ethereum, the immediate resistance is observed around the $1,945 level, reinforced by a downward trend line visible on the four-hourly or daily timeframe. The formation of a bearish candle below the $1,945 level suggests a weakening bullish momentum.
However, on the hourly timeframe, a significant bullish engulfing candle has formed, indicating a strong potential for a bullish breakout above $1,945.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are within a neutral zone, suggesting the possibility of continuing the current trend.
The 50-day exponential moving average acts as a support level of around $1,827, and a close below this level may result in a downward price movement toward the next support of around $1,741.
In summary, it is important to monitor the $1,945 level as it is likely to serve as a pivot point for Ethereum’s price action today.
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