The silent monster 😈
Today, Ethereum is trading around $3,587, up about 1.52%.
Technically, several important signals appear:
1. Falling Wedge Pattern: This pattern is considered a bullish reversal signal. The price crossing the upper trend line of the wedge indicates the possibility of the price reaching around $4,255 by the end of June.
2. Bullish Flag Pattern: If this pattern is confirmed, the price may push towards $6,000 by the end of June or early July.
3. **Moving Averages**: On the weekly time frame, Ethereum is trading above its 50 and 200 day moving averages, indicating an ongoing uptrend. These averages can act as strong support for prices in the near future.
4. Relative Strength Index (RSI): It is still within a neutral zone (30-70), indicating that the market is still not overbought or oversold.
Fundamentally, there are expectations of increased demand for Ethereum due to the approval of spot-traded funds (ETFs) by the US Securities and Exchange Commission, which could push prices above $4,000 soon. In addition, there is an increase in whales holding Ethereum, which indicates increased confidence in the upward trend of the price.
Overall, technical and fundamental analyzes expect Ethereum's upward trend to continue with the potential to reach higher levels.