Ethereum Price Eyes $2500 As Next Target; Is It A Good Time To Enter? – Crypto News – Crypto News
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Ethereum Price Eyes $2500 As Next Target; Is It A Good Time To Enter? – Crypto News

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3 years ago

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Published 10 minutes ago

On June 2nd, the ether price formed a bullish morning star candle at the recently breached resistance trendline, indicating that the buyers are sustaining at higher chart levels. The trendline which previously acted as a dynamic resistance now offers suitable support suggesting the market sentiment shifting from selling on rallies to buying on dips. Can the potential recovery in ETH price reach $2000?

Also Read: Bitcoin, Ethereum Recover On Debt Ceiling Deal, US Fed Pause, Easing Jobs Market

Ethereum Price Daily Chart

  • The Ethereum fear and greed index at 56% reflects the market sentiment supporting bullish recovery
  • The rising ETH price may witness a minor hurdle at $1922 aligned with the 23.6% Fibonacci extension level.
  • The intraday trading volume in Ether is $4.2 Billion, indicating a 31% gain.

Ethereum PriceSource- Tradingview

A bullish breakout from the wedge pattern has set the Ethereum price on a recovery track. By press time, the coin price trades at $1904, with an insignificant intraday loss of 0.18%.

If bullish momentum persists, the ETH price could rise to the $2020 or $2120 levels combined with the 32.8% and 50% Fibonacci extension levels. This technical tool allows traders to identify potential price targets or areas of interest in a trending market.

However, concerning the length of the recent correction, a successful flip above $2120 will hint at the resumption of the prevailing recovery rally and push the ETH price to $2500(100% FIB).

Will Ethereum Price Rise to $2500?

Completion of the wedge pattern is an early sign of recovery for the Ethereum price. However, to reach the $2500 mark, this altcoin will need a 30% rally which is less likely this month, as the current market sentiment is still uncertain. While the aforementioned target may reach gradually the coin holders should keep a close watch on the following hurdles of $1920, $2020, $2138, and $2340. A breakout from each of these barriers may offer a new entry opportunity to interested traders.

  • Relative Strength Index: The daily rsi slope(57%) will give a significant confirmation for aggressive bullish if breach the 60% after wavering lower for the past six weeks.
  • Exponential Moving Average: A breakdown below the dynamic support of 20-and-50-day EMA’s will signal the invalidation of the bullish thesis mentioned above.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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