- Ethereum price has rallied 35% in just a few days.
- Ethereum price has printed two impulse waves subtly confined within a parallel channel.
- Invalidation of the bullish thesis is a breach below the June 18 swing low at $877.80 with contingencies. (read below)
Ethereum price could become a very favorable digital asset for day traders in the coming days. Still, the final confirmation for more upside potential has not yet occurred.
Ethereum price could get explosive
Ethereum price shows bullish signals forecasting a recovery rally towards $2,500 for the summer. The bulls have been rallying all weekend as the smart contract token has risen 35% since the unexpected sell-off that occurred on June 18. The Ethereum price is now believed to have hurdled 80% of stage 1 of the summertime bull-run everyone is hoping for.
Ethereum price currently trades at $1,223 as the bulls have produced two impulsive waves confined within a parallel channel. If the bull market is genuine, an additional spike above the trend channel's upper bounds could create the final wave with targets between $1,400 and $1,750. When the rally loses momentum, a three-wave pullback will occur, re-routing towards targets between $1,400 and $1,200.
ETH/USDT Perpetual Contract 2-Hour Chart
Invalidation of the bullish idea is a breach below $877.80 with one caveat. Investors must allow the current rally to finish and witness a three-wave pullback before placing an entry. If the technicals unfold in this manner, investors will have plenty of opportunities to join the uptrend move targeting $2,000 and possibly $2,500, resulting in a 100% increase from the current Ethereum price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.