Upward Trendline Supports at $2,290
The ETH/USD pair extended its overnight gaining streak. They drew some further bids around above the $2,400 level as hashing power securing the world's two most prominent blockchains is started to recover after Chinese miners have completed their relocations. This has a bullish impact on the ETH prices.
In the meantime, the infamous trader "Jordan Belfort" behind the movie "The Wolf of Wall Street" has shared a bullish view on bitcoin and ether price. This also played a role in supporting the BTC and ETH prices. The Ethereum price is currently trading at $2,402.55, with a 24-hour trading volume of $18,142,024,417. Ethereum is up 5.02% in the last twenty-four hours. In contrast to this, the greenback's bullish bias, backed by the risk-off market sentiment, failed to put any downside pressure on the ETH/USD coin pair, at least for now.
However, the bullish bias surrounding Ethereum was mainly sponsored by the reports suggesting that the BTC and ETH hash rates start recovering as Chinese miners redeploy overseas. As per the latest report, the hash rate securing Bitcoin and Ethereum came on the recovery track as some Chinese miners have completed their relocation after the crackdown.
The power stations across multiple provinces have been ordered to suspend energy supply to mining facilities right after China's recent crackdown on the BTC mining industry. As in result, Bitcoin's hash rate initially dropped to below 90 EH/s, a level not seen since early 2020. With the gradual recovery, BTC's mining difficulty is expected to post a 4% growth in its coming adjustment, after having registered 4-consecutive drops since mid-May.
ETH/USD Intraday Technical Levels
Pivot Point: 2296.15
ETH/USD - Technical Outlook
The ETH/USD trades with bullish sentiment at the 2,425 level and now consolidates between a narrow trading range of 2,430 – 2,260. The double top pattern on the 4-hour chart extends solid resistance at 2,427 level, and a bullish breakout of this level exposes Ethereum price towards 2,636 level. The 50 M.A. (moving average) supports an upward trend in ETH and extends support at the 2,203 level.
The MACD and other leading indicators that entered the overbought zone are now getting back to normal conditions. It means they seem to get ready for another bullish rally in Ethereum. With that being said, the investor's focus will remain on the resistance level of 2,430 as the bullish breakout of this exposes ETH/USD towards 2,635. All the best!
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