According to Cointelegraph, Ether (ETH) has been experiencing a range-bound price movement, remaining below $2,500. This trend could potentially shift due to increasing institutional investor interest. Recent data from Glassnode indicates that 106,000 Ether flowed into spot Ether exchange-traded funds last week, marking the seventh consecutive week of positive inflows. Despite this, there is a mixed sentiment in the market regarding Ether's future. Etherscan reports that two Ethereum wallets unstaked and withdrew 95,920 Ether earlier in June, with a significant portion, 62,289 Ether, being deposited into various exchanges, possibly for sale.
The price of Ether has been fluctuating between the 50-day simple moving average of $2,528 and horizontal support at $2,323 over the past few days. Both moving averages have leveled off, and the relative strength index (RSI) is near the midpoint, suggesting a period of consolidation in the near term. If buyers manage to push the price above the 50-day SMA, the ETH/USDT pair could rise to $2,738 and potentially reach $2,879, where sellers are expected to mount strong resistance. Conversely, if the price declines from the 50-day SMA, bears may attempt to drive the pair below the $2,323 support, potentially leading to a drop to solid support at $2,111. The next significant price movement could occur above $2,879 or below $2,111.
The ETH/USDT pair has been confined between $2,376 and $2,521 for some time. The flattening moving averages and the RSI slightly above the midpoint do not provide a clear advantage to either bulls or bears. Should the price maintain above the moving averages, the pair might reach the $2,521 level. Sellers are likely to try to halt any rally at this point, but if bulls succeed, the pair could surge to $2,666. On the other hand, if the price sharply declines from $2,521, the pair may continue to remain within its current range for a longer period. This article does not offer investment advice or recommendations. Every investment and trading decision involves risk, and readers are encouraged to conduct their own research before making any decisions.
