Summary
- Ethereum rose on news of a two-week US-Iran truce agreement, climbing as high as $2,273 during the session.
- Technically, Ether broke above $2,150 resistance and is trading above its 100-hour moving average. A move through short-term $2,250 resistance could open the way to $2,275 and $2,320, and potentially the $2,350 to $2,500 range.
- On the downside, key support levels are $2,220, $2,165 and $2,120. With the MACD and RSI signaling slower bullish momentum, direction after the ceasefire-driven rebound will depend on macro conditions and liquidity flows.
Forecast Trend Report by Period
Ethereum rose as hopes for a ceasefire between the US and Iran buoyed risk appetite.
NewsBTC reported on June 7 that Ether extended gains after breaking above $2,220, climbing as high as $2,273 during the session. Selling pressure later emerged, leaving the token to consolidate near $2,200.
The advance came as news of a two-week truce agreement between the US and Iran eased geopolitical tensions and revived appetite for risk assets.
Technical signals also turned more constructive. On the hourly chart, Ether broke above a triangle consolidation pattern that had formed resistance around $2,150, and it is now trading above its 100-hour moving average.
In the near term, the $2,250 area is the key resistance level. A break above that zone could open the way to $2,275 and $2,320. If Ether tops $2,350, it may also have room to advance toward the $2,450 to $2,500 range.
A pullback remains possible if the rally stalls. Key support levels sit at $2,220 and $2,165, and a break below $2,165 could add downward pressure toward $2,120.
Technical indicators show some signs that bullish momentum is fading. The MACD is losing strength in positive territory, while the RSI remains above 50.
After the ceasefire-driven rebound, the next move will depend on broader macro conditions and liquidity flows, according to the report.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
