Analytics / Forex and Crypto News
Ethereum began a steady rise above the key resistance level of 2000. The price may still show a slight correction, but the bulls are likely to remain active as long as the price is above 2000. At the time of publication, the ETH/USD pair is trading around 2185.
Ethereum has received support from buyers as everyone anticipates Ethereum's July update “London”. This update will cap Ethereum gas fees and stabilize the volatility seen in daily transaction fees.
In addition, for the first time in the history of cryptocurrency, Ethereum surpasses targeted activity relative to Bitcoin.
With the price of Ethereum rising above $2000, the forecast for Ethereum has become neutral. For the forecast to become bullish again, Ethereum needs to rise above the level of 2900.
On the other hand, for the market to turn bearish again, the price needs to close below $1800.
If we see a bearish correction anytime soon, then the level of 2075 will provide sufficient support for the ETH/USD pair. Below this level, support is at 2000.
If the bulls continue to push the price of Ethereum up, they will have to break the mark of 2250. A close above 2250 could open the door for sustained gains towards 2500 in the near future.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins