Ether managed to rise during the week, gaining 40% of its value after dipping below the $880 support a few days earlier, despite the bear market and the sell-off of Celsius and 3AC.
A rush for ether on the market
It is a comeback that has given the cryptocurrency world a glimmer of hope, especially given that bitcoin has also been slowly rising lately without, of course, breaking through the resistance at $22,000. There is little doubt that purchase orders had a role in this rapid rise. Ether saw selling pressure after its price reached 1000, driving it to $880. From that point on, it was made viable and simple for individuals looking for a royal route to enter the ecosystem of the second cryptocurrency to be able to simply buy Ether thanks to this selling pressure. The asset’s price was then sustained by and raised as a result of this offer. Consequently, throughout the previous week,
Trading continues to favor taking profits.
There was some hope for the future after this recuperation. This is how, for instance, independent market expert “PostyXBT” expressed his expectation on Twitter that the price of ether will end this month of June by hitting 1300 dollars. If the price does not drop again in the next four days, this goal is still attainable before the month’s end. ETH has been severely impacted by the crisis that is now rocking the ecosystem, just like other cryptocurrencies.
Ether is currently starting a surge up, with a target price of $1,560. This suggests that the price of the ETH/USD pair will rise by 33% from its present level and will cross the Inverse Head and Shoulder (IH&S) line. If ETH crosses this line, it will have done so after moving average exponential 200-4 hours from ETH.
Given that the whales have not yet intervened in the upward trajectory of this cryptocurrency, this breakout of ETHER is made all the more intriguing.
The ETH/USD pair sits at 21147 as the new week gets underway, with a small dip over the last 24 hours. The Merge, which was supposed to help the Ethereum network scale while switching from a Proof-of-Work paradigm to a Proof-of-Stake protocol, has been postponed for a few more months.
