On the morning of July 1, 2024, ethereum is being traded at a price of $3,457, with its intraday range fluctuating between $3,374 and $3,514. The total trading volume over the past 24 hours has reached $10.35 billion, contributing to a market capitalization of $415 billion.
Looking at the 1-hour chart for ETH/USD, we can see a strong upward trend starting at around $3,348. This sharp rise indicates a significant bullish momentum. Traders could have entered the market at optimal points around $3,348 as the uptrend gained strength. It is important to note that the recent peak at $3,520 should be considered a crucial exit point, especially if there are signs of hesitation or reversal in the price action.
The 4-hour chart further emphasizes the upward trajectory, with significant increases following the breakout above $3,400. This confirms the bullish sentiment observed on the 1-hour chart. During the consolidation phase, a strategic entry zone was identified between $3,325 and $3,400. Considering the rapid climb to $3,520, the range of $3,600 could serve as a potential short-term exit point, particularly if there are indications of increased selling pressure.
Analyzing the daily chart, we can observe a descending trend throughout June, interrupted by several rebounds. However, recent data suggest a potential reversal, as prices have moved above $3,400. The support level at $3,225, which was tested multiple times in June, may present a solid entry opportunity. With the price surpassing $3,500, the bullish sentiment strengthens, targeting an exit near the previous resistance at $3,900 if the price approaches this threshold again.
The oscillators provide mixed signals, with the relative strength index (RSI) at 47.8 and Stochastic at 46.8, indicating neutrality. The commodity channel index (CCI) at -1.1 and the average directional index (ADX) at 25.5 also suggest a lack of definitive trend direction. However, the momentum (10) indicator shows a bullish signal at -61.4, while the moving average convergence divergence (MACD) level at -44.8 recommends selling, reflecting some market indecision.
The moving averages (MAs) provide a clearer picture. The 10-period exponential and simple moving averages (EMAs and SMAs) are bullish at $3,431 and $3,410, respectively. On the other hand, the 20, 30, and 50-period EMAs and SMAs indicate selling pressures, reflecting mixed short to medium-term sentiment. However, the 100 and 200-period moving averages remain bullish, suggesting long-term strength in ethereum’s price trajectory.
Bullish investors can take advantage of ethereum’s strong bullish momentum on July 1, 2024. The breakout above $3,400, coupled with bullish signals from the 10-period moving averages and positive momentum indicators, indicates that ether could continue its upward trajectory. The positive outlook is further supported by the long-term moving averages, making this an opportune moment for bullish investors to potentially gain profits.
However, despite the current bullish signals, caution is advised. Several indicators, such as the mixed signals from oscillators and the selling pressures indicated by the 20, 30, and 50-period moving averages, highlight potential vulnerabilities in ethereum’s price. The recent peak near $3,520 may face resistance, and any signs of reversal or increased selling volume could indicate a bearish turn. Therefore, bearish traders should consider exiting positions or hedging against potential downturns.
What are your thoughts on ether’s performance? Share your opinions and insights in the comments section below.
