ETHUSD → implementation of distribution. Target 2300

22 Jun 2023

ETHUSD has been showing a swell in the last few days. The price is out of the key range. The bullish set-up is working 100% and price is breaking resistance. What to expect from ethereum next?

For a long time, the coin formed a wedge pattern, which ended with the price forming a rally after a false break of global trend support and the SMA-200 and breaking not only the wedge resistance, but the trend line and the 1846.5 level.
A consolidation above this support area will consolidate the bulls' position and continue to shape the move.
Within the price channel, we have an implied target - the resistance area of 2300. Most likely, in the medium term, we should expect growth towards this mark.

Support levels: rising support line, previously broken wedge boundary, 1846.5 level
Resistance levels: 1920, 2021
Consolidation lasted about 45 days, the distributive phase after consolidation may last for 15 days. I expect that in the mid-term we might see a breakthrough of the local resistances and strengthening of the price to 2300

Regards to R. Linda!

23 Jun 2023

Nota

After the breakout, a consolidation above support is formed.

28 Jun 2023

Nota