The total market capitalization of cryptocurrencies fell 0.43 percent to $1.42 trillion. Meanwhile, altcoins have had a better week than Bitcoin, with numerous tokens up compared to last week, while Bitcoin has remained lower. Slightly falling Bitcoin dominance may boost altcoins. ETH price was still in the red this week, but it was still up 14% on the week, trading at $2,328. In addition, the price of ETH has outperformed practically every other significant cryptocurrency.
Towards the conclusion of last week, the price of Ethereum managed to stay above $2,000. The bullish outlook gathered traction after buyers broke through the $2,300 barrier level. The next barrier, at $2,400, proved to be a tough nut to crack.
From the $2,400 level, it began a downward correction. Unless there is a definite breach below $2,150, the price of Ethereum may begin to rise again. ETH has moved into a short-term bearish zone after breaking the $2,300 and $2,250 support levels.
The bullish MACD for ETH/USD is slowly gathering traction. While the RSI for the ETH/USD pair is currently over 50. $2,160 is the major support level, and $2,400 is the major resistance level.
Analysts sound ultra Bullish on Ethereum Price!
According to Justin Bennet,
EIP-1559 is huge for Ethereum. No doubt about that. However, watch for a buy the rumor, sell the news type event when it launches in July. The more $ETH rallies before the launch, the more likely this becomes. Smart money doesn’t chase the news.
According to economist and trader Micheal van de Poppe, ETH Price should continue to stabilize at its current price and hold above $2,000 for the time being. As a result, it may retest the $2,300 and $2,400 range. As shown in the chart below, ETH might hit $3,000 if it can break through this obstacle.
If it breaks lower, bulls may have another chance for a rally around $1,987. Otherwise, the price could drop even further, possibly to $1,700 or $1,400.
During Sunday’s trading session, Ethereum surpassed Bitcoin in terms of address activity. As global investors and dealers continue to demonstrate an interest in the crypto asset, it is expected to hold above the $2,000 support level. If the current rally continues, ETH may soon reach $3000. It might also happen by the end of the week.