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What is Ethereum (ETH) Doing?
Ethereum has shown great bullish momentum in the past week and is making significant moves toward the upside every day. As the price of ETH approaches the resistance level at $2250, let’s take a look at what we can expect from Ethereum in the near future.
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Ethereum (ETH) Bullish Scenario
Ethereum has been pushing hard for the past few days, and today it managed to break its price resistance at $2250 and traded above it for a short time period.
The break of the $2250 is an extremely bullish move and promises a spike towards the $2650 level in the coming days. However, this move towards the upside would not be a quick one and could take days or even a couple of weeks to pan out.
Also, despite breaking the resistance at $2250, Ethereum has fallen below it and is moving downwards on shorter time frames. It will have to retest the small support at the $2100 level to make that jump towards the $2650 mark.
Ethereum also has London Hard Fork coming by the end of July, which is bullish for the long-term.
Ethereum (ETH) Bearish Scenario
Ethereum has been forming an upward channel for the past few days, and today it finally broke below it on the 1HR and the 4HR time frame.
The upward channel is a bullish indicator in the short-term but bearish in the long term. ETH breaking this channel is a short-term bearish indicator and a healthy correction. The price could also break the support level at $2100 and can bounce back from the support level at $2000.
On the daily time frame, Ethereum seems to be following the market driver Bitcoin and is making a head and shoulders pattern which is a bearish sign. If this structure pans out, the price of Ethereum can plummet to $1400 in no time.
However, the structure is not strong enough, and Ethereum is still bullish in the long term.
Conclusion: Is Ethereum Bullish or Bearish?
Ethereum is not looking the best right now at the shorter time frame and could drop below $2000 in the coming hours. However, itching to break the resistance at $2250 again could move towards $2650 once the correction is complete.
The current scenario shows that Ethereum is still bullish and would be a good entry once it has retested the $2000 level.