Altcoins
Will it close the weekly trade above key resistance?
Crypto markets rejoiced with 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, shot up almost $4,000, but before surpassing these levels, it hit a major obstacle. This has caused the bulls to relax a bit, but from a broader perspective, Ethereum price appears to be preparing to hit a new high over the latter part of the year.
The second largest token is receiving a lot of attention from participants, as they expect another bullish surge soon. Additionally, both bulls and bears exert pressure, causing the price to trade in a tight range. Now that the weekend is fast approaching, major volatility is expected to occur which could force the price to undergo a huge move.
As seen in the chart above, ETH price has risen in a bullish range after the last rally and is consolidating tightly in a narrow range. This move moved the Ichimoku cloud from bearish to bullish, but did not validate the drift. Additionally, the RSI remains stuck at the upper threshold, demonstrating the dominant strength among the bulls, but this is expected to decline slightly over the weekend.
Anytime the price starts trading almost flat, it refers to a decline in both bullish and bearish activity. This sideways trade may not last long as it becomes boring after a specific time frame and hence a minor retracement becomes inevitable which attracts fresh buying volume to trigger a healthy breakout beyond the upper resistance.
Similar price action is expected with rising Ethereum (ETH) prices, which could face a slight pullback near or below the $3,500 range, which could start weekly trading on a bullish note and close monthly trading near yearly highs at $4,000.