In the biggest rise of counterfeit currency so far this year, the price of Ethereum has exceeded $2000. The current transaction price of the second largest Cryptocurrency by market value is US $2006, up 7
In the biggest rise of counterfeit currency so far this year, the price of Ethereum has exceeded $2000. The current transaction price of the second largest Cryptocurrency by market value is US $2006, up 7.15% in the past 24 hours.
Except for a brief breakthrough of $2100 in April 2023, this is the first time ETH has exceeded $2000 since falling below $2000 in May 2022.
As ETH reaches an annual high or even higher, this growth rate is very fast and may be a sign of future development.
How long will the price rise of Ethereum last?
Yesterday, ETH prices formed a bullish trend that engulfed the candlestick. This is a bullish candlestick, where the entire decline in the previous period is offset by a large candlestick in the other direction.
This trend has led to prices recovering from the $1950 level range, which may once again become support. This is also a bullish signal that supports a sustained upward trend.
In addition, the daily RSI is also bullish. When evaluating market conditions, traders use RSI as a momentum indicator to determine whether the market is overbought or oversold, and to decide whether to accumulate or sell assets. The indicator rebounded at the 50 line (green icon) and is currently rising. Both are signs of a bullish trend.
Due to wave counting and price trends, short-term charts also support the continued upward trend. The wave count shows that ETH is likely to be in the third wave of the five wave rise that began on June 15th. The third wave is usually the most intense among bullish waves. If the first wave of 2.61 extension line is reached, ETH will reach a high of $2440.
In addition, the price trend indicates that ETH prices have broken through the parallel upward channel, which means that the upward trend is not corrective.
Although the ETH price forecast is bullish, falling below the second wave low (red line) will mean that the trend remains bearish. In this case, it is expected to decrease to $1600.
Has Altsea returned yet?
Two weeks ago, the Bitcoin dominance rate (BTCD) hit an annual high of 52.15%. The high point occurs after the BTCD breaks through the 48% horizontal resistance zone.
However, BTCD suffered a significant decline this week as it was rejected by the withdrawal of 0.382Fit. It seems that the local top is already in place, and BTCD will now drop to the 48% area, verifying that it is in a supporting position. Once there, the reaction can determine the direction of future trends.
If BTCD rebounds, it can restore the upward trend to 58%. But if it falls below, it means that the previous breakthrough is a deviation, and a new low will follow.
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