Strong technical indicators for the price of ethereum suggest that the bull run might only be beginning.
Ethereum Has Bottomed?
Ethereum [ETH] has had a recovery over the previous five days from its month-long demand zone in the $1,049 range. As a result of the recent run of green candlesticks, ETH is now under bullish control for the immediate future.
At this time, the price of ethereum is $1,563. In response to the bear’s year-long suppression, the bulls are indicating a fierce retaliation. If the bears are unable to halt the bullish trend, ETH price will likely continue increasing towards $1,650. It has set a big objective mark at $1,450.
ETH/USD trades at $1,563. Source: TradingView
ETH lost more than half of its value in just nine days when it was in its previous downturn phase (from 10 June). As a result, on June 19, the alt drew closer to its 17-month low.
However, the bulls promptly confirmed the $1,049-zone demand zone and promoted an up-channel (yellow) resurrection in the 4-hour timeframe. As a result of the increased bullishness, the 20 EMA (red) moved above the 200 EMA (cyan).
The bears may attempt to test the $1,390 level again if they recover from the 61.8 percent level. A further breakdown from the up-channel could lead to a retest of the 20 EMA to the north before a likely recovery.
Investors who took part in the bullish knife-catching trading setup from last week are 35 percent in the black. At $1,304, bulls looking to join the market would be invalidated. The price of Ethereum might drop by 45 percent if the bears break through this barrier and…