Appears an overt sign of technical weakness, though several reasons why some still remain bullish on ETH price
ETH price has skyrocketed just above the critical support that exists at the lower boundary of the long-established trading range. This appears to be a public sign of technical weakness, although there are several reasons why some analysts continue to raise prices on ETH.
ETH/USD 4 hours chart | Source: Tradingview
ETH price flashes signs of immense bullishness as MACD flips green
At press time, ETH price is falling by nearly 2% at its current price of $ 229. This marks a decline below the lower boundary of its long-held trading range in the range from $ 230 to $ 250.
According to cryptocurrency analyst Galaxy, ETH recently broke the key resistance seen while looking for its BTC trading pair. The culmination of this breakout and the first time it has turned green in a few years seems to indicate an impending price increase. One factor that could help fuel this rise against Bitcoin – especially if the synthetic market shows signs of weakness – is the imminent collapse of some analysts who consider the DeFi bubble.
$ETHBTC monthly MACD turning green while breaking-out long term resistance/accumulation.
This is where it all starts. pic.twitter.com/5LxRHiGKiS
— Galaxy (@galaxyBTC) June 25, 2020
A reason why he is bullish on ETH is that its MACD indicator just turned green for the first time since its price collapsed earlier this year. He contends that these two factors signal a bull run is imminent.
Furthermore, on the other hand, it seems that investors will soon be moving their huge profits away from DeFi-related tokens and into Ethereum. This has fueled a broader ETH uptrend. It has dropped below this level earlier in the past week, but each time it was able to gain some intense buying pressure.
Despite looking a bit weak at the moment, ETH has shown some definite signs compared to its Bitcoin trading pair. One such sign is its new ability to overcome the descending resistance that has lasted for more than a year.
What can promote bull run?
As for what could be the source of these impending benefits, an analyst explained that the ongoing DeFi price increase market would soon explode, with all the money being transferred into Ethereum.
Even if this happens, it is unclear whether hundreds of millions of dollars have been transferred into the DeFi ecosystem in the past few months, which is enough to make Ethereum stumble across the market.
You can also check Ethereum Price here.
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