The recent actions of the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase have led to a sense of uncertainty among traders in the crypto market. As a result, the Ethereum price has turned sideways, consolidating within a narrow range. This range now presents an opportunity for potential traders to determine the future of this altcoin. Notably, VanEck predicts that the Ethereum price could reach a staggering $11.8k by 2030.
At present, the Ethereum fear and greed index stands at 49%, reflecting a neutral sentiment in the market. Despite this, the Ethereum price remains bullish in the long term, supported by a rising support trendline. The intraday trading volume in Ether has also increased by 29%, reaching $4.47 billion.
Following the June 5th sell-off, Ethereum has managed to bounce back from the multi-month support level of $1,775. This rebound indicates that buyers are still actively defending this crucial support level. However, the cryptocurrency has recently formed a new lower high of $1,915, acting as a major resistance point.
Currently, there is no clear dominance from either buyers or sellers in the market, suggesting that the sideways trend could continue for a few more sessions. If the market turns bearish, a breakdown below $1,775 could potentially push the prices below $1,700 and towards the long-coming support trendline.
On the other hand, a breakout above $1,915 could signal an early indication of a change in trend. Without an improvement in market sentiment, Ethereum could remain within its current price range for another week or two. A breakout from either level of this range could provide traders with a stronger conviction in the potential trend. Should the price break out above $1,915, buying pressure could increase, possibly pushing the prices above $2,000.
The Directional Movement Index shows a bearish alignment, with the DI-(orange) slope positioned above the DI+(blue) line, reflecting the current negative market sentiment. The Bollinger Bands are also moving sideways, highlighting high volatility in the market.
It’s essential for investors to conduct their own market research and understand the potential risks before investing in cryptocurrencies, as the presented content only represents the author’s personal opinion, subject to market conditions. Neither the author nor the publication holds any responsibility for any personal financial loss.
Source: Coingape
