Binance Coin, Ethereum Price Analysis: July 6, 2021
The cryptocurrency market is mainly is dotted red and green as mid-week trading catches momentum. Tuesday was reasonable trading for the bulls as the market generally shot upward. Bitcoin came close to $35,000 but has settled above $34,000. Ethereum has been rejected from $2,400, but support at $2,300 remained intact. On the other hand, Ripple traded above support at $0.65 but could not stretch to $0.7.
Binance Coin is trading in the green after breaking above a crucial resistance level. As covered on Tuesday, an ascending triangle pattern breakout pointed toward an 18% upswing to $372.
As the breakout begins, high trading volume seems to be adding weight to the bullish outlook. Realize ascending triangles have exact targets equal to the distance between the highest to the lowest points.
The Moving Average Convergence Divergence (MACD) indicator has a massive bullish signal that recently appeared when the 12-day EMA crossed above the 26-day EMA. Besides, holding within the positive territory is indicative of the bullish narrative holding water.
BNB/USD four-hour chart
Ethereum has sustained an uptrend within the confines of an ascending parallel channel for two weeks in a row. The channel’s lower edge plays a crucial role in ensuring the downside is protected. However, the upper boundary keeps canceling the bulls’ effort. For now, Ethereim needs to step above the middle barrier to validate the uptrend above $2,600.The Relative Strength Index (RSI) shows that bulls are in control amid increase aggressiveness. As the RSI moves closer to the overbought region, it amplifies the bullish narrative.
ETH/USD four-hour chart
Additionally, a bullish signal from the MACD came into the picture after the MACD line (blue) crossed above the signal line). Besides, another break above $2,400 may catapult Ethereum significantly upward.Source