ETH Technical Analysis: Will Ether Prices Reach $200 This Month?
Table of contents
Key Technical Points:
Past Performance of ETH
After spending weeks in the consolidation range, ETH prices take an abrupt bullish turn and avoid an enormous drop below $1000. On June 13, Ether prices surged 7.25%, leading to the beginning of a bull market looking for a price increase of 38% in the last week. The rise in demand causes the break over the ceiling at $1200. Furthermore, the buying spree fuels the bull run resulting in a jump above the 50-day SMA.
Source - Tradingview
ETH Technical Analysis
The ETH price takes an off from the 50-day SMA after forming the Doji candle this Sunday. However, the 5.49% growth today forms a bullish engulfing candlestick teasing a bull run to the 100-day SMA.
Over the last month, both VI- and VI+ have shown several crossovers indicating uncertainty between market participants. However, with the recent range breakout, the wider gap between lines that are aligned positively shows a strong market sentiment.
The ADX slope signals a potential bullish reversal as the downfall cushions after DI lines crossover for significant portions of the rally's range bound. The DI lines regain bullish alignment and increase spread, reflecting an increase in buying pressure.
In a nutshell, ETH technical analysis showcases an increase in the demand projecting a breakout rally to the 100-day SMA.
Upcoming Trend
If the ETH prices sustain above the 50-day SMA today, investors can expect an upward move up to the next opposing 100-day SMA at $2000.
Conversely, a fall under the breach 50-day SMA may cause further continuation as well as a drop below that $1000 level of support.
Resistance Levels: $1500 and $1750
Support Levels: $1200 and $1000