Ethereum Price Analysis: Decoding The Possibility of ETH Price Surging Above $2k in July
The post Ethereum Price Analysis: Decoding The Possibility of ETH Price Surging Above $2k in July appeared first on Coinpedia Fintech News
In a recent social media post that has set the crypto world abuzz, renowned cryptocurrency expert Benjamin Cowen shared a perplexing chart, a mirror image of the Ethereum (ETH) to Bitcoin (BTC) correlation. The obscure nature of the chart and Cowen’s intriguing question – “Is this bullish or bearish?” – has caused a whirlwind of speculation within the virtual currency sphere.
ETH Price Analysis
Are you bullish or bearish on this chart pic.twitter.com/z8vh2o0s5L
— Benjamin Cowen (@intocryptoverse) July 6, 2023
The crux of this ongoing discussion revolves around decoding the ETH/BTC chart. Generally speaking, an optimistic ETH/BTC chart signals a likely appreciation of Ethereum’s value compared to Bitcoin.
Conversely, a pessimistic chart hints that Bitcoin might overshadow Ethereum in the performance charts. Additionally, in a more global view, a positive ETH/BTC chart could forecast an imminent volatility explosion in the cryptocurrency marketplace.
Meanwhile, Ethereum’s recent retraction from the looming resistance at $2,000 signals that this level is being diligently monitored by those with bearish sentiments. The bearish traders would need to pull the price beneath the moving averages and keep it there to validate that Ethereum may prolong its consolidation between $2,000 and $1,626.
On the other hand, if Ethereum’s price manages to bounce back from the 20-day EMA, it implies a positive sentiment shift, and traders are purchasing during price dips. This scenario augments the likelihood of breaching the $2,000 barrier. Subsequently, the pair could skyrocket to the resistance zone hovering between $2,142 and $2,200. As of this moment, Ethereum’s price sits at $1,861.
A Peek at Bitcoin’s Performance
Examining Bitcoin, the cryptocurrency managed to break through and remain above the $31,000 mark on July 3. However, the inability of the bullish traders to capitalize on this strength indicates the bears are still in play.
The 20-day exponential moving average (EMA) of $29,673 emerges as a critical point to monitor on the downside. If the price rebounds off this level, it implies the bulls are purchasing during the dips. At the time of writing, Bitcoin is valued at $30,130.
Filed under: Bitcoin - @ July 7, 2023 1:04 pm