Key Points:
As the demand for ETH purchases by enterprises continues to grow and they actively build Ethereum reserves, the price of ETH has been strengthening.
BitMine Immersion Technologies and Bit Digital recently announced the inclusion of Ethereum (ETH) in their reserve strategies. Additionally, sports betting company SharpLink Gaming has increased its Ethereum holdings to 188,000 ETH after acquiring 12,207 ETH in the week ending June 20.
The stock prices of the three companies all rose on Wednesday, but will ETH also rise accordingly? Let's analyze with the charts.
ETH rebounded significantly on Wednesday, breaking through the moving average (MA), indicating active buying at lower levels.
If the price can remain above the 50-day simple moving average (SMA, $2,529), the ETH/USDT trading pair is expected to test the range of $2,738 to $2,879. It is anticipated that bears will actively defend this upper range. If the price falls significantly from this range, ETH/USDT may oscillate between $2,879 and $2,111 for a period.
A new trend is expected to begin after breaking above $2,879 or falling below $2,111. If it breaks above $2,879, ETH/USDT is likely to rise further to $3,400. If it falls below $2,111, the trading pair may drop to $1,800.
Bulls have pushed the price above the resistance level of $2,521, opening up space for further upward movement to $2,680. The 20-day exponential moving average (EMA) continues to rise, and the relative strength index (RSI) is above 50, indicating that buyers are in control. A short-term pullback is expected to find buying support at the 20-day EMA; if so, the probability of ETH hitting $2,738 will further increase.
The first sign of weakness will be if the price falls below and closes under the 20-day EMA, indicating that bears have intensified their selling pressure. In this case, the price may test the 50-day SMA, followed by support at $2,373.
Related: Ethereum Foundation Established, Aiming to Drive ETH Price to $10,000
Original: “Can Expanding Corporate Ethereum (ETH) Reserves Drive the Price of Ethereum to $2,800?”
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