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Ethereum's price has declined 4.6% over the past week, now trading at $3,382. With bullish chart patterns forming, analysts predict a potential breakout to $4,000 if key resistance levels are breached.
Ethereum's Price Poised for Breakout as Bullish Patterns Form Amid Market Volatility
As CoinGape reported, the price action of ETH is intriguing due to the formation of a falling wedge within the massive ascending triangle. The declining wedge has been in place for the past month, and the range of price action movement is diminishing. Falling wedges are generally bullish market structures, as they are likelier to break to the upside.
The price action of Ethereum is currently trending below the 50-day simple moving average (SMA) but above the 200-day SMA, suggesting a battle between the bulls and the bearish.
The asset could be restored to above $4,000 if the price of Ethereum breaks above the declining wedge, which would result in a 20% move. Conversely, Ethereum's price is stabilized at approximately $3,000 due to its robust support.
Despite the increasingly positive fundamentals, the lag in the price of ETH may be attributed to Bitcoin, which has caused panic among many market participants as it approaches a hazardous support level.On June 26, the price of Bitcoin decreased by 1.59% and concluded the day at $60,807. Although there has been a slight increase in the price, it does not make for positive news.
The region between $60,198 and $62,252 is a danger zone, as a close below this range could lead to a more substantial price decline to the $50,000 support level.
However, if Bitcoin's price can rebound from this level, it will likely increase rapidly to $70,000 shortly.
Ethereum ETF Approval Anticipation Fuels Price Breakout Hopes Amid Bitcoin's Market Pressure
In anticipation of the approval of an Ethereum ETF by July, Ethereum's price action is preparing for an upside breakout. The U.S. Securities and Exchange Commission Chair Gary Gensler informed the Bloomberg Invest audience that the Ethereum ETF approval procedure was proceeding smoothly. In a separate interview with the Financial Times, Gensler indicated that the ETFs would commence trading shortly. Due to these developments, Ethereum investors anticipate the potential for the most extensive ETH and altcoin run in the annals of crypto.
Bitcoin (BTC) is currently under downward pressure, while Ethereum (ETH) is exhibiting signs of a substantial breakout. This price action may indicate a short-term adverse sentiment in the broader crypto market as Bitcoin approaches the critical $60,000 support level, necessitating strategic decision-making and caution.
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