The Ethereum (ETH) prices, just like Bitcoin’s, are pulling higher when writing on June 21. From the candlestick arrangement in the daily chart, the trend is shifting in favor of optimistic bulls. ETH is up roughly 12% from June lows and looks firm.
If bulls press on today, the coin could find the anchor for an encouraging leg up toward $1,920 in a welcomed continuation of the bullish run from mid-March to April 2023. Per the ETH/USDT candlestick arrangement, there could be more room for upswings in the days ahead.
Regulators Scrutinize but ETH tops Altcoins
This development comes when regulators are tightening their grip on crypto. The United States Securities and Exchange Commission (SEC) recently sued Binance and Coinbase, alleging that they list unregistered securities.
Most of those tokens are deployed on Ethereum. Even so, the regulator has yet to clarify why ETH, the native token of Ethereum, is a commodity like Bitcoin. Any confirmation and clarification that ETH is a commodity could see the coin tear higher, breaking above $2,100 in a refreshing surge.
In the meantime, there are over 600,000 unique validators who have, on average, staked over 31 ETH. These agents secure the Ethereum proof-of-stake network, ensuring it is robust against attacks. With better decentralization, protocols, including those in decentralized finance and non-fungible tokens (NFTs), would continue operating securely.
For what Ethereum represents, ETH’s market cap is also higher than all altcoins combined.
Ethereum Price Analysis
ETH is bullish at spot rates. With the coin approximately 12% from recent lows, traders can look to buy the dip, targeting $1,920 as they ride the emerging trend.
Most importantly, the recovery on June 20 is with increasing trading volumes. This suggests that the leg up is backed by traders, bullish on the coin’s prospects.
Moreover, ETH is finding support, bouncing from the 61.8% Fibonacci retracement level of the March to April trade range.
The immediate support is at the June 14 highs of $1,740, while the target will be $1,920 and $2,100 in a buy trend continuation formation.
This preview will be null should ETH unexpectedly drop below $1,740, reversing yesterday’s gains.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.
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