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Ethereum Price Analysis, 29 June: Will ETH Rise or Crash?

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

ETHUSD Dominant Trend: Ranging

Supply Levels: $365, $370, $380

Demand Levels: $255, $250, $245

Ethereum Price Analysis

As weekend approaches, Ethereum price has resumed back to slower trends and may close the week trading just above $305, but it may rise back again to cross $315 soon. The current market performance of the coin indicates that the ETH/USD is resuming back to the growth trajectory. Hence, traders should hold on to the currency till the end of the day when it may reach its highest value of the day. ETH has shown an uptrend of over 6% since the beginning of yesterday June 28 rising from $286.72 to as high as $309.42 where it closed the day. As the market opens today, the Ethereum price is currently trading at $306.48 showing a downtrend of over 0.9% in the last few minutes at 00:39:30 UTC. The movement is not too far from the moving average of period 55 and it seems to be falling back again as the market approaches previous low at $255, $250 and possibly to $245 demand levels but we may likely see a positive move to $365, $370 and $380 supply levels.

ETHUSD Chart
ETHUSD Chart

Ethereum rose as high as $364 in this week, which has also become its 90-days high value. The coin is expected to hover around this value and not fall back to bearish trends. Ethereum may close the day on a low note around $300 level but may pick up speed at this weekend. A lot is also dependent on Bitcoin which has been directly affecting the price of ETH token, and if BTC moves past $13,000 once again, there is no stopping back for ETH which may also rise above $350 in the near future. It keeps the momentum high and holds on it for longer. Presently, the Ethereum price has risen slightly in the last one day as well as the last few hours. It may cross $320 at the beginning of next week and may likely trade above this value for the most part of the week. It may also trade above $350 by the mid of the next month and head speedily towards $400 target. As the prices are currently low, this is the right time to invest in bulk in ETH and wait for the coin to resume back to bullish trends giving huge returns.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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