Ethereum is still recovering

Last week, the prices of Etherem and most cryptocurrencies fell by over 25%. Those who were here before 2018 understand that such big price changes are nothing new for crypto. In 2017 alone, BTC fell several times that year by over 30%. It has fallen by over 50% several times in the last 10 years. Although the crypto market is nervous, such a price should be paid for this still immature blockchain technology. Basic Finance dictates that there are great risks to big rewards from an investment perspective, and it takes time to realize that. The price of Ethereum rose approximately 53% from its May 19 low to $ 1,850 or 65% from its May 23 bottom to $ 1,730. The price of Ethereum exudes a bearish trend. However, if bid orders increase, setting a higher high of $ 3,117 will alleviate the pessimistic outlook. If the bulls keep the price of Ethereum above 3,289 US dollars, the bearish momentum will face cancellation and ancestors in the bullish trend.
Following the chart on the one-hour time frame, we see that the price of Ethereum exceeded the moving averages of the MA200 and EMA200, as well as above 38.2% Fibonacci levels at $ 2745. Based on this current situation, we can expect the price to rise to $ 3,000 and approach the 50.0% Fibonacci level at $ 3,058. If the bullish scenario continues, we can expect to climb to the previous high of $ 3600. And if the price doesn’t stay above 38.2% Fibonacci levels and falls below, we can expect a pullback of up to $ 2400 to 23.6% Fibonacci levels. Looking at the MACD indicator to see that we have a bullish signal and that we can expect continued growth in Ethereum prices in the short term.