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The post This Altcoin Made a Huge Step Forward: Will It Close the Weekly Trade Above the Key Resistance? appeared first on Coinpedia Fintech News
The crypto markets rejoiced with the launch of the Ethereum spot ETF, which had a huge impact on the ETH price as well as the entire crypto space. The price, in no time, surged close to $4000 but before making it above those levels, it, faced an acute hindrance. This has caused the bulls to relax a bit but from a larger perspective, the Ethereum price appears to be preparing to reach a new peak during the latter part of the year.
The second-largest token is receiving much attention from the participants, as they are expecting a fresh bullish push in a short while. Besides, the bulls and the bears are exhibiting pressure, due to which the price is trading within a narrow range. Now that the weekend is fast approaching, a major volatility is expected to kick off which may compel the price to undergo a huge movement.
As seen in the above chart, the ETH price has risen within the bullish range after the latest upswing and is closely consolidating within a narrow range. The move has turned the Ichimoku cloud from bearish to bullish but has not validated the drift. Moreover, the RSI remains stuck at the upper threshold, exhibiting the prevailing strength among the bulls but this is expected to wane slightly during the weekend.
Whenever the price begins to trade almost flat, it refers to a dropped activity of bulls and bears. This sideways trade may not prevail for long as it gets boring after a specific time frame and hence a minor retracement becomes inevitable, which attracts fresh buying volume to trigger a healthy breakout beyond the upper resistance.
A similar price action is expected with the Ethereum (ETH) price rally, which may face a small pullback close to or below the $3500 range, which could begin the weekly trade on a bullish note and close the monthly trade close to the yearly highs at $4000.
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