Disclaimer: This article attempts to analyze Ethereum’s price movement leading up to a potential breakout in the first week of July.
Ethereum has been one of the best performing cryptocurrencies this year. After facing a couple of bearish days, Ethereum has once again started consolidating above the $230-mark. After surging by 3.19% over the last 24-hours, the world’s second-largest crypto-asset was valued at $231.20, at the time of writing.
Ethereum [ETH] Daily chart
Ethereum has maintained a consistent uptrend, despite many pullbacks. On the daily chart, the ETH price candles appeared to be oscillating between the two trendlines of a symmetrical triangle, a breakout from which was predicted to take shape in the first week of July and can be in either direction. The daily moving averages aligned with a bullish break in the long-term for Ethereum.
The 50 DMA [Pink] underwent a golden cross with the 100 DMA [Purple] in the second week of May. The gauge has been on the rise ever since, picturing a positive trend for the coin. Additionally, both the moving averages were below the price candles and firmly supported against any further decline.
The RSI indicator has also so far managed to dodge dipping below the 50-median line. This suggested a sentiment of steady buying pressure among investors in the ETH market.
The attached charts suggested that the price of Ethereum is potentially primed for further gains as a breakout in the first week of July could materialize on the upside. In this case, the coin could climb all the way to $267.80. If the bullish trend gains further momentum, ETH could also target another resistance point at $286.7, a level not seen since the second week of February. The coin’s price was supported by the two DMAs to prevent further dips. It also found crucial support at levels of $213.2, $188.82, and $170.8, respectively.