In brief:
It is the last Friday of June 2020 and the crypto markets are very much volatile with Bitcoin trading at $9,100 and Ethereum battling to maintain the now common $228 support zone. Earlier today, both BTC and ETH were trading at approximately $9,340 and $235 respectively. However, with the CME Bitcoin futures expiring today, June 26th, it was somewhat expected that it would be a red day in the crypto markets.
As earlier mentioned, Ethereum is once again fighting to maintain the $228 support zone that has continued to provide a very strong support area for ETH in the month of June. Additionally, and after taking another look at the daily ETH/USDT, there seems to be a bull flag forming that could ultimately lead to Ethereum bulldozing through the $250 resistance zone with the new month of July and ultimately testing the next major resistance zone of $290.
Taking another look at the daily ETH/USDT chart courtesy of Tradingview.com, the following can be observed.
The month of June is coming to a close and the CME Bitcoin futures expire today, June 26th. Consequently, the crypto markets, led by Bitcoin and Ethereum, are experiencing the usual selling as the contracts come to a close.
However, in the case of Ethereum, the daily ETH chart could be printing a bull flag that would allow the coin to break the $250 resistance zone and possibly test $290 in the first half of July. This is hinged primarily on the fact that there is a bullish Ethereum event in the form of ETH2.0
. Additionally, Bitcoin’s dominance in the crypto markets has continued to drop as explained by the team at Pantera Capital in an earlier report.All these factors could align to provide the necessary bullish momentum necessary for Ethereum to continue on its upward trajectory.
As with all analyses of Ethereum, traders and investors are advised to use risk management techniques such as stop losses as well as keeping an eye out for any sudden Bitcoin movements that could affect the entire crypto markets.