Ethereum Constructive Above Key Technicals
ETH/USD Analysis
Ethereum registered gains of around 60% during the first half of 2023 and even though the advance lost steam recently, the altcoin showed resiliency in a tightening regulatory environment. It was weighed by the SEC action against Binance [1] and Coinbase [2] in early-June, but managed to look past it.
It closed last month above a critical area, which includes the EMA200, the daily Ichimoku Cloud and the 23.6% Fibonacci of the 2021 high/2022 low slump. This provides ETH/USD the opportunity to set new 2023 high and bring 38.2% Fibonacci in the spotlight. However, we are still cautious around those prospects and strong catalyst would be needed for such outcome.
The US Fed paused its rate hiking cycle recently but its updated projections suggest more hikes this year and Chair Powell has appeared increasingly hawkish recently, supporting the USDOLLAR. More to it, the Relative Strength Index (RSI) points to overbought conditions.
These factors can contain the ETH/USD advance, which has failed at the 23.6% Fibonacci several times before. This sustains risk for a return below the EMA200 that would make it vulnerable to 1,619, but the 2023 lows look distant (1,367).
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 03 Jul 2023 https://www.sec.gov/news/press-release/2023-101 | |
| Retrieved 16 May 2026 https://www.sec.gov/news/press-release/2023-102 |
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