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Ether price uptrend has been remarkable of late and we reported that in our recent posts, the second-largest cryptocurrency by market capitalization, ether (ETHUSD at Coinbase) is trading at around $243 levels.
Technically, the minor trend spikes through rising channel, bulls hovering at 7-DMAs, but failures swings at rising channel resistance on overbought pressures.
For now, bulls are drifting in sideways upon hanging man occurrence at $244.81 levels but they are not ready to give up as they held firmly at 7DMA levels which is coupled with the healthy buying signals, while both leading & lagging oscillators are in sync with the prevailing uptrend.
The consolidation phase of this pair takes-off uptrend above 7 & 21-EMAs, while the rallies about 340% in this year so far, but 100-EMA is the major resistance now as the Current trend restrained below these levels.
Many analysts perceive such a massive uptrend is majorly because of mounting Defi projects based on ethereum blockchain.
The noticeable increase in use of decentralized finance for financial transactions, such as trading derivatives, retail/domestic payments, overseas payments etc by deploying the Ethereum network’s smart contract technology is driving the ether’s bullish price action.
Most importantly, foreseeing the ETH upside traction is majorly driven by yet another fundamental factor, ‘Ethereum 2.0 blockchain upgrade’, scheduled to begin its launch later this year, tentatively during July or August. Owing to which, the fundamental advancements in ETH 2.0 most likely to bring in considerable demand for the cryptocurrency. While the staking intensely drives the ether’s demand in the long-run.
Well, the confluence of various fundamental driving forces and derivative market’s data also indicate the further upside prospects of ether.
Hence, we wish to activate the longs in ETHUSD futures contracts of mid-month deliveries with an objective of participating in prevailing uptrend as we could foresee the upside target of $290 in the days to come.
