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Ethereum Price Prediction: On June 30th, the Ethereum coin price experienced a significant inflow of buying pressure, leading to a noteworthy breakout above both the resistance trendline of the flag pattern and the $1921 level. Following the breakout, the coin price surged by 2% from the breakout point of $1921 and is currently trading at $1955. However, under the influence of the bullish continuation pattern, the ETH price is poised for further recovery.
Also Read: Ethereum Births New Token Standard, Will This Reduce ETH Supply?
Ethereum Price Daily Chart
- The recovery of 61% of the Mid-April-June correction phase demonstrates the strength of the buyers in the market.
- A possible breakdown below $1837 may set the coin’s market value by 4%
- The intraday trading volume in Ether is $6.9 Billion, indicating a 10% gain.
Source- Tradingview
After the $1920 resistance breakout, the Ethereum price showed two daily candles with long-lower price rejection tails. These rejections indicate the buyer’s sustainability at higher levels and a green signal for prolonged rallies.
One important factor to consider is that the ETH price has recovered 61% of the correction phase that occurred between mid-April and June. This recovery signifies a significant rebound for this altcoin, as buyers have successfully reclaimed a majority of the losses incurred during that period. This development indicates a higher likelihood of the uptrend continuing, rather than being a mere relief rally before a resumption of the previous downtrend.
With sustained buying, the ETH price is poised for a breakout above the combined resistance of $2020 and 78.6% FIB level, offering buyers another stepping stone to rise higher.
Will Ethereum Price Reach $2200?
The flag pattern breakout avails Ethereum price with its predetermined targets decided during the formation. This chart pattern has two known targets which are the width of the flag and the complete flagpole both measured from the breakout points. Therefore, the first target for ETH is around $1980, while the second comes at $2200
- Exponential Moving Average: The 20-and-50-day EMA slope offers dynamic support to buyers.
- Average Directional Index: An upswing in the daily ADX slope reflects potential strength in buyers to lead a significant rally.
The presented content 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.
Source: https://coingape.com/markets/ethereum-price-prediction-will-july-ignite-eth-price-rally-to-2200/