Ether continues to range trade
Ether bullish case:
While the 13 June low at $2,442, the April -to-June tentative uptrend line at $2,426 underpin, a retest of the 200-day simple moving average (SMA) at $2,627 remains on the cards.
If bettered, Monday’s high at $2,680 represents the next technical upside target. A rise above this level may put the 13 to 23 May highs at $2,733-to-$2,737 on the cards. Slightly further up lies the $2,788 late May peak which may also be reached in this scenario, and perhaps also the current June peak at $2,879, a 5-month high.
Were this level to be exceeded, the 13 January low at $2,925 and the 27 January trough at $3,022 would become potential technical upside targets.
Ether bearish case:
A slide through the $2,442-to-$2426 support zone may trigger a sell-off to the 12 May and 6 June lows at $2,410-to-$2,387.
Were this support zone to give way, the 55-day simple moving average (SMA) at $2,369 and the 18 May trough at $2,328 may be revisited.
A fall through $2,328 could lead to a retest of the February spike low at $2,152.
Short-term outlook: sidelined; further range trading between the $2,442-to-$2426 support area and the $2,733-to-$2,737 resistance zone seems to be on the cards.
Medium-term outlook: range bound while the mid-May low at $2,328 underpins; a rise above the 11 June $2,879 high may lead to the $3,000-to-$3,100 region being revisited but a fall through the $2,328 low may trigger a sell-off to $2,152.