Ethereum: Bottom formation on support

2021년 6월 30일

Technical analysis of Ethereum - viewing in the H4 chart

Ethereum completed a double floor against the US dollar. This enables the rally to continue towards USD 3,350 / 2,400 after a possible setback to be planned.

Starting from the all-time high of 4,381 USD marked in May, the Ethereum price had crashed to USD 1,730. A bounce from the 61.8% fibonacci retracement of the price surge that started in March 2020 was followed by a renewed test of the low and, with a new low at USD 1,700, only a slight undercut. The coin was able to defend this now critical mark and finally complete a short-term double floor in the atmosphere of the rising 200-day line.

Plan for a setback in the recovery trend!

The primary recovery target we expected at USD 2,250 / 2,300 could already be worked off with the price surge on Tuesday. We see the likelihood of a near-term pullback towards $ 2,045-2,100 increased. An extended correction towards USD 1,950 / 2,000 would not come as a surprise either. As long as the last-mentioned zone is not undershot, we favor a subsequent extension of the recovery movement towards initially 3,350 / 2,400 USD.

Possible expansion targets

Above that, a continued increase towards USD 2,600 / USD 2,641 and possibly even towards the medium-term critical resistance region at USD 2,847-3,000 would be conceivable. A breach of the support at USD 1,950 / 2,000 would, in our opinion, make a retest of the accumulation zone at USD 1,700 / 1,730 likely.

Note:
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