Binance Coin, Ethereum Price Analysis: July 6, 2021

Republished By Plato

Followers: 0

Binance Coin stays in the green while other crypto assets deal with mid-week retracements.
Ethereum price renews the bullish outlook as the MACD flashes a buy signal.

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:-

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:-

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.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige