Is Ethereum’s Bull Market Coming Back?
The price of Ethereum closed higher in the last few days. While this is great news to hear, ETH is currently standing at a crucial point on the charts. The next move is vital in determining the price of ETH. If we look at the current price, Ethereum is sticking to $2,268.49. While the major part of June proved to be jumpy for Ethereum, the last week proved to be fruitful for ETH holders. Friday’s closing price marked an 18% gain in the 7-day timeframe. However, ETH has now run into the 50 and 100-day moving averages. What happens next? Read below to find out the Ethereum price prediction for the next week.
ETH Price Gains
In the light of the above-mentioned scenario, ETH struggled to recover its position in the meantime. As of June 22 low of $1,651, ETH price observed somewhat recovery. However, as of the last week, ETH price closed higher and observed an 18% gain on Friday.
Here, it is important to mention that the ETH price is still trading 51% below May’s $4,646. While this may be valid, last week’s graphs show a relatively stable status of the cryptocurrency.
Ethereum Price Prediction – Are the Bulls ready to strike back?
If we review the daily charts, ETH has recovered a great deal since May’s collapse. ETH bounced from under $1,700 forming a bullish triple-bottom formation on the daily timeframe. Moreover, the last week’s positive progress is also showing encouraging signs. However, it is important to know that ETH has failed to close above the 50 DMA at $2,368 and the 100 at $2,344. If (and once) it does, we can be clear of the prediction that the bulls are coming back. So, what you need to keep in check, is that the ETH remains above the 200 DMA at $2,001 in order for Bulls to come back.
Please note that our prediction is based on technical analysis and is only based on an opinion. We do not share financial advice or direct our readers to make a particular buying or selling decision.