Ethereum was waiting for an opportunity to seize over the past week and that opportunity emerged on Tuesday when the macro market flipped bullish again. Ether is again above $2,000 [+6.09%] at the time of writing and was up double-digits by percentage at times on tuesday.
After the bulk of June unraveled as a sell-off period met with an accumulation phase for Ether, there’s much speculation July will bring better results.
The below chart from YMGroup shows that ETH has worked itself back to the middle-upper part of its current range. From an overhead perspective Ether looks destined for $2,500 – that could be the next large test with stronger resistance there than at $2,000.
Nonetheless, Ether managed to flip $2k back to support resistance [and the bulls] on Tuesday with a daily close above that price.
From a contrary bearish perspective, a failure to gain enough bids to send the price higher at $2k or failing to break $2,5k and remaining range-bound could give bears hope. If a break of $2,5k fails the probability always increases [based on the law of averages] that a test of the bottom of the range is forthcoming and could lead to a catastrophic result for bulls.
Another perspective by Signal_Centre1 shows a similar setup and price target on Ether’s 4hr chart.
ETH bulls will be anticipating the former [bullish] scenario but the macro has been so unpredictable lately that bears will certainly be hoping to again push the price below $2k.
With EIP-1559 scheduled for release in only a few weeks could Ether be entertaining the beginning of DeFi summer 2.0?
ETH’s 24hr range is $2,063-$2,244 and Ether’s 7 day range is $1,817-$2,244.
Ether had a daily candle close of $2,154 on Tuesday and finished in negative figures for the first time in 5 days.
Matic’s also been posting double-digit gains by percentage over the last 24 hours.
Matic’s price reversal is timely as Monday brought news that Polygon will launch a general purpose blockchain dubbed Avail for standalone chains, side-chains and layer-2 solutions.
The above chart points to $1.19 a formerly important support resistance that’s flipped to an overhead challenge for MATIC. MATIC challenged $1.19 for much of Tuesday but failed to close above that price after spending some time above it on the day.
It’s also worth noting that Pickle Finance has launched on Polygon network, you can read more about their decision to launch on their network here.
The Polygon network continues to build momentum with dApps moving there. The bulk are moving to take advantage of greater transaction throughput than Ethereum’s mainnet can currently provide but with an obvious security tradeoff.
Matic’s 24hr range is $1.11-$1.24 and range for the last 7 days is $1.05-$1.24.
Matic closed Tuesday’s daily candle at $1.163 and barely [-$.003] in red figures for the first time in five days.