With a consolidation range exceeding the 50-day SMA, ETH prices find an increase in demand, supporting the bull run. But, will it reach $2000? Key Technical Points: ETH prices have increased by 9.94% in the last 24 hours. The price action shows a breakout rally sustaining above the 50-day SMA. The 24-hour trading volume of Ethereum is $22.41 Billion, indicating a rise of 7.8%. Past Performance of ETH After spending weeks in the consolidation range, ETH prices take an abrupt bullish turn and avoid an enormous drop below $1000. On June 13, Ether prices surged 7.25%, leading to the beginning of a bull market looking for a price increase of 38% in the last week. The rise in demand causes the break over the ceiling at $1200. Furthermore, the buying spree fuels the bull run resulting in a jump above the 50-day SMA. Source – Tradingview ETH Technical Analysis The ETH price takes an off from the 50-day SMA after forming the Doji candle this Sunday. However, the 5.49% growth today forms a bullish engulfing candlestick teasing a bull run to the 100-day SMA. Over the last month, both VI- and VI+ have shown several crossovers indicating uncertainty between market participants. However, with the recent range breakout, the wider gap between lines that are aligned positively shows a strong market sentiment. The ADX slope signals a potential bullish reversal as the downfall cushions after DI lines crossover for significant portions of the ral...
