💎 Ethereum, in compression before explosion? ETH technical analysis for June 12, 2024

🟢 We note that the Ethereum crypto has clearly emerged from its secondary bearish trend, however it does not manage to achieve a new high point in 2024, not yet validating a medium-term trend resumption. It consolidates in a symmetrical triangle bounded by the top of the 2024 highs and the top of the primary trend channel

🟢 If we reach these levels, the reaction will have to be strong to quickly regain the $3,400 closing

To restart with confidence on the rise, we will need to cross the yellow dotted line with strength and volume in search of new highs. However, let us keep in mind that excesses could, without calling into question the trend, briefly revisit the zone of 2,800 to 3,200 dollars.

🟢 The balance of this figure coincides perfectly with that of the monthly candle for May. This level is very important since it polarizes the price action in this compression. Above $3,400, we remain bullish. Below, the configuration deteriorates.

🟢 To restart with confidence on the rise, we will need to cross the yellow dotted line with strength and volume in search of new highs. However, let us keep in mind that excesses could, without calling into question the trend, briefly revisit the zone of 2,800 to 3,200 dollars.

🟢 If we reach these levels, the reaction will have to be strong to quickly regain the $3,400 closing mark. #etherreum #ETH/USDT #EthereumETF