On June 5, 2024, the crypto derivatives exchange Bitmex announced it is offering 200x leverage for ethereum perpetuals ahead of the U.S. ether exchange-traded funds (ETFs) trading debut. Bitmex Ramps Up Ethereum Trading With 200x Leverage Offering According to a social media post on X published Wednesday, Bitmex is introducing 200x leverage perpetuals for ethereum […]
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Ethereum On Edge: Can Ether Smash Through Resistance Or Stall After Rally?
Ethereum, the world’s second-largest cryptocurrency, finds itself at a critical juncture. After a strong 25% surge in the past month, outperforming its peers, Ethereum is facing a formidable hurdle in the form of resistance levels around ,795 and ,846. Analysts are watching this price battle closely, as it could determine the coin’s trajectory in the coming days.
Breaking Barriers Or Bracing For A Tumble?
Technical analysis paints a contrasting picture for Ethereum. If the bulls can muster enough strength to push the price above ,845, a continuation of the rally seems likely. This breakout could pave the way for a surge towards ,015 and even a test of ,270, according to analyst Morecryptoonl.
$ETH: Standard resistance is defined between ,795 and ,846. A break below ,710 would indicate that wave c of 3 to the downside has begun. If the price breaks above ,847, then it is worth to explore if a larger corrective rally in wave B of Y is unfolding, as per the… pic.twitter.com/gQaC1dlDaT
— More Crypto Online (@Morecryptoonl) June 1, 2024
However, a failure to breach this resistance zone could trigger a wave of selling, potentially leading to a price decline. The chart studies suggest that a break below ,710 might mark the beginning of a downward correction, pushing Ethereum towards support levels at ,560 and even as low as ,470.
Key Levels To Watch
The focus for both traders and investors has shifted to these critical resistance and support levels. These price points act as a gauge for market sentiment, with a successful breakout above resistance indicating bullish strength and a potential continuation of the uptrend. Conversely, a drop below support suggests a loss of confidence among buyers and could spark a sell-off.
The overlap of these resistance and support levels on the chart further highlights their significance. This convergence indicates a potential for a price swing in either direction, making the coming days crucial for Ethereum’s future trajectory.
Ethereum Price Forecast
The Ethereum price prediction for July 2, 2024, suggests a modest upward trend, with an anticipated increase of 2.10%, bringing the price to ,863.83. This projection is based on current market analysis and technical indicators.
The sentiment surrounding Ethereum is classified as Neutral, indicating neither a strong bullish nor bearish outlook among traders and analysts. The Fear & Greed Index, however, registers a score of 73, indicating a predominance of greed in the market. This high greed level can signify that investors are optimistic and willing to buy at higher prices, potentially driving the market up in the short term.
Over the past 30 days, Ethereum has experienced considerable market activity, recording green days (days with a positive price increase) 60% of the time. This frequency of green days, combined with a price volatility of 11.11%, highlights the cryptocurrency’s dynamic nature and susceptibility to significant price swings.
Featured image from Pexels, chart from TradingView
Blackrock Advances Spot Ether ETF With SEC Amendment, Analyst Eyes June Launch
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Microstrategy’s Michael Saylor States Spot Ether ETF Approval ‘May Be Better for Bitcoin’
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Ethereum Technical Analysis: Bullish Signals Dominate as Ether Trends Higher
Ethereum’s price on May 27, 2024, stands at ,908, reflecting a strong upward trend in the recent trading sessions. Ether’s intraday range has been between ,795 to ,953 over the past 24 hours. Ethereum Ethereum’s 1-hour chart reveals a steady upward trend starting from May 26, peaking at approximately ,953. After reaching this peak, the […]
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SEC Approves Spot Ether ETFs, Jim Rickards Predicts $27K Gold Price, and More — Week in Review
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Standard Chartered Discusses SEC Approving Spot ETFs for Cryptos Beyond Bitcoin and Ether
Standard Chartered says markets will look ahead to exchange-traded funds (ETFs) of cryptocurrencies other than bitcoin and ether, but “this is likely a 2025 story.” They believe that the SEC approving spot ethereum ETFs suggests that the securities watchdog does not view ether as a security and that other coins similar to ether will also […]
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Mad Money’s Jim Cramer Endorses Ether as ‘Great Store of Value’ Amid US Dollar Concerns
Jim Cramer, the host of CNBC’s Mad Money show, has endorsed ethereum and spot ether exchange-traded funds (ETFs), highlighting the cryptocurrency as a “great store of value” amid concerns over the U.S. dollar due to federal budget deficits. “I have ether because it’s a great store of value,” he affirmed. Jim Cramer on Ethereum and […]
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Consensys Hails Spot Ether ETF Approval, Slams SEC’s ‘Deliberate Regulatory Abuse’
Consensys has lauded the U.S. Securities and Exchange Commission’s approval of 19b-4 filings for spot ether exchange-traded funds as “a step in the right direction.” However, the software firm expressed its disapproval of what it calls the securities regulator’s “deliberate regulatory abuse” in its handling of ethereum. The SEC’s Inconsistent Approach to Digital Assets The […]
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SEC Approves Key Regulatory Filings for Spot Ether ETFs
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