Technical Analysis

ETH/USD Price Analysis – June 26, 2023

By LonghornFX Technical Analysis
Jun 26, 20232 min

Daily Price Outlook

In a surprising twist, an inactive Ethereum whale has come back to life, making a significant transfer of 7,998 ETH, equivalent to $15.18 million. This address, which had remained dormant for six years, received 50,000 ETH from an ICO participant in 2017.

This isn’t the first time the address has shown activity, as it previously received 50,000 ETH in March 2017 and made subsequent transfers to the Kraken exchange.

These movements suggest a history of strategic selling by the address holder. The awakening of this whale raises concerns about its potential impact on the Ethereum price rally. Similar instances in the past have led to market volatility.

While the Ethereum price initially experienced a 14% drop after the last awakening of such whales, caution is advised to avoid overestimating the potential risks if more whales emerge.

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Idea

Let’s explore the thrilling realm of Ethereum trading against USDT! Currently, Ethereum is demonstrating a neutral position, showcasing its range-bound movements between $1,845 and $1,945.

On the daily timeframe, it is encountering a formidable opponent at the $1,935 level, characterized by a triple-top pattern. The candles around this level are indicating that the bullish momentum might need a break, and the buyers could benefit from a pause.

Adding to the excitement, the relative strength index (RSI) and moving average convergence divergence (MACD) indicators are comfortably situated in the neutral zone. Breaking through a previous significant hurdle around $1,845, Ethereum has a lot to prove.

The focus now lies on the $1,935 level. If Ethereum successfully surpasses this resistance, it could unleash a thrilling surge towards $2,015 or even higher, with a potential target of $2,126.

However, if the bears gain control and Ethereum drops below $1,845, it could trigger selling pressure, targeting levels around $1,756 or possibly $1,669.

Prepare yourself for an exhilarating Ethereum rollercoaster ride today!



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