The market has been consolidating over the last week, attempting to break out of its present levels in order to reclaim bullish trends. The total market capitalization of all tokens increased to $1.66 trillion on June 7. The largest cryptocurrency, bitcoin, was trading in the positive region, following support near $36,000-$37,000 levels, in accordance with the general trend. While Bitcoin crypto market share has fallen to just under 50% in 2021, ethereum market share has increased to around 15%.
During the weekend, Ethereum and other cryptocurrencies were relatively tranquil, but they also sent contradictory signals. Nonetheless, The newest US consumer price index (CPI) data, which will be released on Thursday, will be the focus this week. The price of Ethereum is developing a bullish consolidation pattern, indicating a rally to all-time highs.
Ethereum Price Forecast
At press time, Ethereum price is rising and it broke the USD 2,800 resistance zone. ETH is showing positive signs and it seems like the bulls are aiming for a break above the USD 2,850 and USD 2,880 levels. If they succeed, the price could surge to USD 3,000. Conversely, the price might correct lower below the USD 2,750 support. The first major support is now forming near the USD 2,650 level.
Not much resistance on the weekly chart but for some reason, we’re slowly moving up with little volume , which tells me we’re in for a move down. Furthermore, looking at the daily chart , it looks more like a bear flag than anything with a measured move down to $1,400-$1,250 (green box)
Against the US Dollar, Ethereum began a new uptrend from the $2,550 support level. It is currently trading at $2,767, just below the key resistance level of $2,915. It shows that ETH has accelerated above $2,700 and $2,720. The commencement of the bull surge will be signaled by a decisive close above $2,915 on Friday. Ethereum would have to avoid a reversal, and it would have to cut through the supply zone spanning from $3,3369 to $3,441 in order to reach its target of $4000.
A fallback through, on the other hand, would put the pivot at $2,625. The next key support is at $2,550, below which the price would most likely go into a negative zone. After that, the key support level of $2,361 would come into play. Ethereum should avoid sub-$2,000 levels unless there is another major sell-off this week. The second major support level of $2,011 should keep the price from falling too much.