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ETHEREUM → Long-squeeze before the rally? To the MOON, to $4800?

CRYPTO forecast
💡 Ideas For ETHUSD 🔷

📈 ETHEREUM → Long-squeeze before the rally? To the MOON, to $4800?


ETH continues the phase of correction, the character of which is consolidation. The goal is to gather potential before possible growth on the trend. The target is 4000-4800
The main focus is on ETH-ETF, which, according to rumors, may be allowed to trade on July 2-4. This will be another positive signal for the cryptocurrency community, as this fact may expand the underlying demand for cryptocurrencies and attract additional capital.

Fundamentally, ETH is seeing an increase in the number of active wallets, traders are actively buying call options with strike 4000 and expiration in September, Ethereum Foundation is not selling ETH now as it usually did close to market tops, which together gives positive signs.

The asset price is in a downward correction at the moment. The essence of this movement is the asset's consolidation before further strengthening.

Resistance levels: descending wedge line, 3678, 0.5 fibo

Support levels: 3200, trend line, 0.79 fibo

Technically, liquidation of buyers in the liquidity area formed behind the trend support is possible, long-squeeze may lead to a rally.