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ETHEREUM → Long-squeeze before the rally? To the MOON, to $4800?

By RLinda
Updated
ETHUSDT continues the phase of correction, the character of which is consolidation. The goal is to gather potential before possible growth on the trend. The target is 4000-4800

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The main focus is on ETH-ETF, which, according to rumors, may be allowed to trade on July 2-4. This will be another positive signal for the cryptocurrency community, as this fact may expand the underlying demand for cryptocurrencies and attract additional capital.
Fundamentally, ETH is seeing an increase in the number of active wallets, traders are actively buying call options with strike 4000 and expiration in September, Ethereum Foundation is not selling ETH now as it usually did close to market tops, which together gives positive signs.
The asset price is in a downward correction at the moment. The essence of this movement is the asset's consolidation before further strengthening.

Resistance levels: descending wedge line, 3678, 0.5 fibo
Support levels: 3200, trend line, 0.79 fibo

Technically, liquidation of buyers in the liquidity area formed behind the trend support is possible, long-squeeze may lead to a rally.

Regards R. Linda!
Trade active
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Note
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The SEC may approve the launch of spot ETH-ETFs by July 4. Negotiations between issuers and the regulator are at the final stage
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Low volatility over the weekend.
Trading within the pattern continues.
Traders do not take premature actions before the news
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Bulls are making active attempts to consolidate above the key support level
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A retest of the wedge resistance is forming.
The market can form an attempt of breakthrough
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An upward breakout is forming
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Ascending ChannelAscending TriangleBTCChart PatternsCryptocurrencyETHETHUSDFalling WedgeFibonacci RetracementFundamental AnalysisSymmetrical TriangleTrend Analysis
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