ETHEREUM PRICE ANALYSIS & PREDICTION (June 12) – ETH Set to Break Out After Briefly Reaccumulating, Where Next?

Failing to retest a crucial resistance line as support, Ethereum entered a consolidation phase and reaccumulated above $2.3k. The price is slowly breaking out following a steady surge in the past few days. Following last month’s breakout of a crucial resistance line, which came after a month of recovery, ETH tapped the $2,800 level in the second week and cooled off buying after several failed attempts to push higher. Subjecting the trend to a sideways move, it stayed well above the $2,300 level and consolidated throughout the month. It attempted a breakdown this month, but the price quickly recovered due to increased volatility this week. It is now on the cusp of breaking out on the daily chart. Considering the surge over the last two days, the price currently appears strong and looks ready for another major rally. A notable breakout of the consolidation phase could explode the price well above the $3k level. Technically, Ethereum is expected to retest the broken resistance line as support during the recent market correction. But now that the correction has been suspended, we can expect a major impulsive movement soon. Currently, the bulls are back in action, and from the look of things, they are much more likely to gain more dominance in the next few days. ETH’s Key Level To Watch Source: Tradingview If the price breaks well above $2.8k, ETH’s next buying target would be $3k and $3,213. Higher resistance levels to watch for a test are $3,525 and $3,744. For a pullback, there’s a close support at $2,548. If the price drops below it, the support level to watch is $2,320. A breakdown there could plunge the market to $2,104 and $1,873 to retest the descending resistance line. Key Resistance Levels: $3,213, $3,525, $3,744 Key Support Levels: $2,548, $2,320, $2,104 Spot Price: $2,783 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

Source: NullTx