Altcoin
Will it close the weekly trade above key resistance?
Cryptocurrency markets rejoiced over the launch of the Ethereum spot ETF, which had a huge impact on the market ETH price as well as the entire crypto space. The price, in no time, rose close to $4000 but before crossing those levels, it faced a major obstacle. This has caused the bulls to relax a bit, but from a broader perspective, Ethereum price appears to be preparing to reach a new peak during the latter part of the year.
The second largest token is receiving a lot of attention from participants, as they expect a new bullish push soon. Furthermore, the bulls and bears are showing pressure, due to which the price is trading within a narrow range. Now that the weekend is rapidly approaching, strong volatility is expected to begin which could force the price to undergo a huge move.
As seen in the chart above, ETH price has increased within the bullish range after the latest rally and is consolidating closely within a narrow range. The move turned the Ichimoku cloud from bearish to bullish but did not validate the drift. Furthermore, the RSI remains stuck at the upper threshold, showing the prevailing strength among the bulls, but is expected to decline slightly over the weekend.
Whenever the price starts to remain almost flat, it refers to a stopped activity of bulls and bears. This sideways trade may not prevail for long as it becomes boring after a specific time frame and then a small retracement becomes inevitable, which attracts fresh buying volumes to trigger a healthy breakout above the upper resistance.
Similar price action is expected with the Ethereum (ETH) price rally, which could face a small pullback near or below the $3500 range, which could start the weekly trading on a bullish note and close the trade monthly near yearly highs at $4000.