INSUBCONTINENT EXCLUSIVE:
Key point:Ether (ETH) has been range-bound for several days, but institutional investor demand is picking up
Glassnode data shows 106,000 Ether flowing into spot Ether exchange-traded funds last week, the seventh successive week of positive
flows.However, not everyone is bullish on Ether
Etherscan shows two Ethereum wallets unstaked and withdrew 95,920 Ether early in June
(SMA) ($2,528) and the horizontal support at $2,323 for the past few days.ETH/USDT daily chart
Source: Cointelegraph/TradingViewBoth moving averages have flattened out, and the relative strength index (RSI) is near the midpoint,
signaling a consolidation in the near term
If buyers push the price above the 50-day SMA, the ETH/USDT pair could climb to $2,738 and later to $2,879
Sellers are expected to fiercely defend the $2,879 level.Instead, if the price turns down from the 50-day SMA, the bears will try to pull
the pair below the $2,323 support
If they manage to do that, the pair could plunge to solid support at $2,111
streak endsETH/USDT 4-hour chart
Source: Cointelegraph/TradingViewThe pair has been stuck between $2,376 and $2,521 for some time
The flattening moving averages and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.If the
price sustains above the moving averages, the pair could reach the $2,521 level
Sellers will try to halt the rally at $2,521, but if the bulls prevail, the pair could surge to $2,666.Contrarily, if the price turns down
sharply from $2,521, the pair may extend its stay inside the range for a while longer.This article does not contain investment advice or
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
