Crypto Express
06/13 23:45
Ethereum price rally
The crypto markets were hard hit by the ongoing geopolitical tensions between the middle-east nations, Israel and Iran. the markets experienced more than a billion liquidations in the past 24 hours, which compelled the top token to trigger an inverse v-shaped rejection. Currently, the ETH price has lost all the gains it incurred in the past couple of days and hence an invalidation of a bullish pattern is believed to adversely impact the Ethereum price rally.
As seen in the above chart, the ETH price is still hopeful of a strong rebound as the levels remain within a parallel channel despite the rejection. On the other hand, the price continues to trade between 50 & 200 day MA that aim for a bullish crossover or the Golden cross. Meanwhile, the RSI remains stuck within a descending parallel channel, which could be a huge concern for the upcoming price action. Hence, the Ethereum price is now believed to test the lower support of the channel close to $2400, if the correction intensifies, followed by a strong rebound to the resistance.
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