Ethereum was trading at $3,457, with an intraday price range of $3,374 to $3,514. The 24-hour trading volume reached $10.35 billion, with a market capitalization of $415 billion on Monday morning.

Ethereum

The ETH/USD 1-hour chart shows that a strong uptrend started around $3,348. The sharp rise shows strong bullish momentum. As the uptrend gains strength, the best entry point could be at $3,348. The recent high of $3,520 is a key exit point, especially if the price action shows hesitation or reversal pattern.

ETH/USD daily chart on July 1, 2024.

The 4-hour chart further emphasizes the upward trajectory, showing a sharp rise after breaking through $3,400. This confirms the bullish sentiment observed on the 1-hour chart. During the consolidation phase, a strategic entry zone was identified between $3,325 and $3,400. Given the rapid climb to $3,520, the $3,600 range is a potential short-term exit point, especially if there are signs of increasing selling pressure.

ETH/USD 4-hour chart on July 1, 2024.

Daily chart analysis shows that the trend in June has been down with several bounces in between. Recent data suggests that the price could reverse and break above $3,400. The support level of $3,225, which was tested several times in June, could be a solid entry opportunity. With the price breaking above $3,500, bullish sentiment has increased and if the price approaches this threshold again, the target price is the previous resistance level near $3,900.

Oscillators are sending mixed signals, with the relative strength index (RSI) at 47.8 and the stochastics at 46.8, both indicating neutrality. The Commodity Channel Index (CCI) at -1.1 and the Average Directional Index (ADX) at 25.5 also indicate a lack of clear trend direction. However, the Momentum (10) indicator is showing a bullish signal at -61.4, while the Moving Average Convergence Divergence (MACD) level at -44.8 suggests selling, reflecting some indecision in the market.

Moving averages (MAs) provide a clearer picture. The 10-period exponential moving average and simple moving averages (EMA and SMA) are bullish at $3,431 and $3,410, respectively. Conversely, the 20-, 30-, and 50-period EMAs and SMAs indicate the presence of selling pressure, reflecting mixed short- to medium-term sentiment. However, the 100- and 200-period moving averages remain bullish, suggesting a long-term strengthening in Ethereum’s price action.


Bull Verdict:

Ethereum’s price action on July 1, 2024 indicates strong bullish momentum, especially evident in the short-term chart. The recent breakout above $3,400, coupled with the bullish signal from the 10-period moving average and the positive momentum indicator, suggests that Ether could continue to rise. The long-term moving averages also support the positive outlook, making this a good time for bullish investors to take advantage of potential gains.

Bear Verdict:

There are bullish signals at the moment, but several indicators suggest that investors should proceed with caution. Mixed signals from oscillators and selling pressure shown by the 20, 30, and 50-period moving averages highlight the potential fragility of Ethereum's price. The recent high near $3,520 may face resistance, and any reversal or signs of increased selling volume could signal a bearish turn, so bearish traders should carefully consider exiting their positions or hedging against potential declines.

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