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ETHEREUM PRICE ANALYSIS & PREDICTION (June 12) – ETH Set to Break Out After Briefly Reaccumulating, Where Next?
By: Will Izuchukwu
As of June 12, Ethereum has entered a consolidation phase and reaccumulated above the $2,300 mark. The price is slowly breaking out following a steady surge in recent days.
Following last month’s breakout of a crucial resistance line, which was preceded by a month-long recovery, ETH tapped the $2,800 level in the second week and cooled off buying after multiple failed attempts to push higher. Consequently, the trend subjected to a sideways move, remaining well above the $2,300 level and consolidating throughout the month.
A brief breakdown this month was quickly recovered due to increased market volatility during the past few days. Presently, the price appears poised to break out on the daily chart.
Considering the surge witnessed over the past couple of days, the current price action suggests a strong outlook for another major rally. A notable breakout of the consolidation phase could propel the price well above the $3,000 level.
Technically, Ethereum is expected to retest the broken resistance line as support during the recent market correction. Now that the correction has been suspended, we can anticipate a significant impulsive movement in the near future.
Currently, the bulls are regaining control, and from the appearance of things, they seem much more likely to dominate the market for the next few days.
If the price breaks well above $2.8k, ETH’s next buying target would be at $3,000 and $3,213. Higher resistance levels to keep an eye on include $3,525 and $3,744.
On the flip side, a pullback could result in a retest of $2,548. In the event that the price drops below it, we can expect support at $2,320. A breakdown there might send the market plummeting to $2,104 and potentially $1,873 to retest the descending resistance line.
Key Resistance Levels: $3,213, $3,525, $3,744
Key Support Levels: $2,548, $2,320, $2,104
Source: nulltx.com
