Ethereum could return to the $ 3,200 – $ 3,500 band in the short term. This price target depends on Ethereum breaking the $ 3,000 ceiling. Ethereum’s 50-day moving average also acts as a resistance in the $ 3,000 price area.
The London Upgrade in July could help Ethereum return to $ 4k.
Ethereum (ETH) can take back the price area between $ 3,200 and $ 3,500 in the short term. This pointed to an analysis by the team at Crypterium that the $ 3,000 ceiling had to be broken before Ethereum regained its bullish momentum. They explained the possible short-term price movement of Ethereum as follows.
Currently, an important resistance level is in the range of $ 2,975 – $ 3,000. In the near future, the price will come to this zone. Once fixed inside, the ETH chart could rise sharply to the $ 3,200 – $ 3,500 range.
Ethereum’s 50-day moving average also acts as a resistance
The $ 3K price cap for Ethereum is currently approaching the 50-day moving average (white) that acts as resistance as seen in the chart below.
ETH / USDT daily chart
It can also be seen from the chart that the daily MACD, MFI and RSI point to an ongoing correction for Ethereum in the crypto markets and may decline as the new June approaches. Continued pullback could mean that Ethereum revisited the $ 2K low or the local low of $ 1,888 before the end of this month.
Ethereum’s London update could push ETH to $ 4000
It should be noted that June and July will be a busy time for Ethereum developers as they have completed the London upgrade that will kick off EIP1559. The second Ethereum Improvement Proposal aims to tame the issue of high gas charges as well as transform ETH into a deflationary asset.
So, chances are that the events leading up to the London Upgrade will provide enough fuel for Ethereum to return to $ 4k going back to the event.
However, the prospect of such a rise for Ethereum is tied to a stable Bitcoin without the instinctive fluctuation that last Wednesday witnessed BTC dropping from $ 42,000 to $ 30,000 in less than a day.