The launch of the spot Ethereum ETF was expected to be a bullish event for the ETH price and the entire crypto space. Nevertheless, the ‘buy the rumour, sell the news’ trap was very well executed, as the price marked lows close to $3000 before the daily close. Besides, the BTC price is displaying significant strength and hence a strong ascending trend may begin if bulls manage to lift Bitcoin above the crucial range.
Soon after the BTC price broke down from the interim resistance, speculation of plunging below the lower support at $63,500 emerged. However, the liquidity appeared to have flown back to the star token as the price received an immense bullish push, which elevated the levels back above $65,600. Now that the price is close to reclaiming one of the key resistances, the possibility of extended bullish activity surfaces, paving the way for a bullish close for the month.
As seen in the above chart, the BTC price was stuck within a rising wedge, and after accomplishing a retracement, the token is ready for a fresh bullish spell. After remaining bearish for over a few weeks, the Ichimoku cloud has turned bullish, while the DMI levels have rebounded just before flashing a bearish signal. Hence, the possibility of a bullish continuation appears to be pretty high, as the Bitcoin bulls seem to be poised to lead the rally above $68,000 in the coming week.
After the recent launch of the ETH ETF, the traders utilised the opportunity to extract the profit which caused a notable drain in the prices. The token dropped from the consolidation close to $3500 to the current levels at around $3150 after rebounding from $3000. However, the current trade set-up opens the door for more bearish action as the bulls do not appear to be dominating regardless of the recent bullish divergence.
The ETH price drops below the crucial support zone, which flashes bearish signals for the second-largest token. The buyers have entered but the seller holds enough dominance, due to which the possibility of plunging back below $3000 emerges. The MACD lets out a ‘sell’ signal as the selling pressure increases but the RSI displays a bullish potential as it bounces back. However, it displays a larger possibility of a lower high due to which lower targets are activated. If the bulls manage to elevate the levels above the support-turned-resistance zone between $3265 and $3322, then the bearish narrative could be squashed.
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