Key takeaways:
Ether’s price is up 46% in 30 days.
ETH/BTC is up 30% in the past month, signaling stronger demand for Ether.
Spot Ethereum ETFs see 12 consecutive days of inflows.
Ether’s price is up by 7% over the last three days, leading to optimism among traders that the biggest altcoin is ready for a breakout. Interestingly, the ETH/BTC trading pair has also increased, boosting Ether’s recovery prospects in the coming days.
Traders expect ETH price recovery to continue
Data from Cointelegraph Markets Pro and TradingView showed Ether’s (ETH) price trading at $2,630, up 46% over the last 30 days.
“ETH appears poised for a significant upward breakout,” said MN Capital founder Michael van de Poppe in a June 3 post on X.
An accompanying chart showed the ETH/USD pair trading above a key support area around $2,400 on the six-hour chart.
A key resistance area is between $2,680 (where the 200-day simple moving average currently sits) and $2,850.
According to van de Poppe, ETH price needs to break above this level before making a “new high for the year.”
ETH/USD six-hour chart. Source: Michael van de Poppe
“Ethereum is trying to reclaim $2,500 as support and solidify it as the new range low of the $2,500-$4,000 macro range,” said fellow analyst Rekt Capital in his latest ETH/USD analysis on X.
The analyst referred to Ether’s close above $2,500 on May 31, which ETH bulls are now trying to flip into support on the monthly chart.
“Ethereum is trying to repeat history and position itself in a similar way to the green circled retest of mid-2021.”ETH/USD monthly chart. Source: Rekt Capital
If history repeats itself and Ether holds above $2,500 in June, a significant rally toward fresh all-time highs becomes likely.
Related: Bitcoin could consolidate, but ETH, HYPE, TAO and QNT may resume their up move
Analyst Crypto Eagles said that the ETH price appears to be repeating the 2016-17 technical structure, potentially setting the stage for a rally to $6,000.
Altseason coming? Ether gains on Bitcoin
Ether is up 46% over the last 30 days, outperforming Bitcoin, whose price has risen by 16.5% vs the US dollar…
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