Key point:
BitMine Immersion Technologies and Bit Digital recently announced plans to make Ether (ETH) a part of their treasury strategy. Additionally, sports betting company SharpLink Gaming boosted its Ether holdings to 188,000 Ether after the latest purchase of 12,207 Ether in the week ending June 20.
The stock prices of all three firms rose on Wednesday, but will Ether also follow suit? Let’s study the charts to find out.
Ether price prediction
Ether turned up sharply on Wednesday and broke above the moving averages, indicating aggressive buying at lower levels.
If the price sustains above the 50-day simple moving average ($2,529), the ETH/USDT pair could climb to the $2,738 to $2,879 zone. Sellers are expected to fiercely defend the overhead zone. If the price turns down sharply from the overhead zone, the pair may extend its stay inside the $2,879 to $2,111 range for some more time.
The next trending move is expected to begin on a break above $2,879 or below $2,111. If the $2,879 level is scaled, the pair could rally to $3,400. On the other hand, a break below $2,111 could sink the pair to $1,800.
Related: XRP futures OI jumps 30% as price chart ‘pennant’ targets $3.20
Buyers pushed the price above the $2,521 resistance, opening the gates for a rally to $2,680. The upsloping 20-exponential moving average and the relative strength index (RSI) in the positive territory indicate an advantage to buyers. Dips are likely to find buyers at the 20-EMA. If that happens, the possibility of a rally to $2,738 increases.
The first sign of weakness will be a break and close below the 20-EMA. That suggests the bears are selling aggressively. That could sink the pair to the 50-SMA and subsequently to $2,373.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
