Will Ethereum Break Above $2,400 Price Area to Continue the Bullish Trend?


Ethereum bulls have regained momentum after bouncing from $2,050 to $2,100 support level. Will Ethereum break above $2,400 event area to continue the bullish trend further in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.

July 7, 2021, | AtoZ Markets – Ethereum price rose today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $2,380 price area and trying to climb further upside. After rejecting $2,400 to $2,350 price area, the bears pushed the price downside impulsively, but failed to break below the uptrend line on the intraday chart and bounced higher again. As per the current price action, the price may face strong resistance around $2,400 to $2,350 price area in the coming days.

Ethereum May Break Above as the Overall Momentum Is Still Bullish

ETH is currently residing near $2,380 price area and trying to recover higher. However, the price also found support at the dynamic level of 20 EMA on the daily chart.

Ethereum May Break

Image: ETH 4 Hour Chart

According to the 4-hour chart, Ethereum is currently trading around $2,380 price area and may break above. As per the current scenario, the price may decline towards the uptrend line in the process. So, if the price bounced upside from the uptrend line and had a bullish candle close above $2,350 to $2,400 price area, the bulls may push the price upward towards $2,550 to $2,600 price area in the coming days. On the contrary, if the price can break below the uptrend line with an impulsive bearish candle, the bears may regain momentum and push the price downside towards $2,100 to $2,050 price area in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price upside. Along with this, the Stochastic Oscillator lines are currently residing near the overbought level 80 and may have a bearish intersection. It indicates that the bears may regain momentum for a while in the process.

ETH May Recover Further Upward

According to the daily chart, Ethereum may break above as the bulls are still residing on the market. As per the current price action, if the price can break above $2,350 to $2,400 resistance area with an impulsive daily bullish candle, the bulls may sustain the bullish trend towards $2,550 to $2,600 price area as a first target. The second target will be $2,850 to $2,900 price area if the price can break above $2,550 to $2,600 price area in the coming days. On the other hand, if the price rejects $2,400 to $2,350 price area with a daily bearish candle, the bears may regain momentum and push the price down towards $2,100 to $2,050 price area in the days ahead.

Ethereum May Break

Image: ETH Daily Chart

Moreover, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may push the price higher as strong support. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands upper band is currently residing over the price, which may work as strong resistance to push the price down.

To conclude, as the price bounced higher from the dynamic level and had an impulsive daily bullish candle close, there is a higher chance that ETH may continue the bullish pressure further in the coming days. 

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