- Ethereum price nears import price cap and could be set to close the trading week with gains.
- ETH price closing Friday either above or below a crucial hurdle significant for near-term price action.
- With US futures pointing to green numbers, expect to see a rally and ETH price pop above the hurdle.
Ethereum (ETH) price is set to give a little bit of a blow to short-sellers as ETH price made a miraculous recovery on the back of a bounce from the $1,043 handle. Going into the weekend, it will be crucial to see where price action is closing on Friday. For now, the US equity futures are pointing to a green spur, with cryptocurrencies primed to surf that tailwind and go out the week with a positive bang.
ETH price set to print a positive weekly result
Ethereum price looks ready to perform a crucial move that could be a big blow for short-sellers, as bulls are trembling to pop and break the along waited barrier at $1,243.59. The moment itself could come out of a cliffhanger movie from Arnold Schwarzenegger or Sylvester Stallone, as the barrier bulls are facing has already triggered three times a bull trap with a drop and squeeze back to $1,014. A daily and weekly close above that level would be so crucial for the weekend trading and setting the tone for next week, where some risk on could be on the docket.
ETH price is thus primed to pop above $1,243.89 for a fourth time, in tandem with US equity futures already in the green and showing signs of a rally towards the end of the trading week. That tailwind should help lift morale and see traders inflow into Ethereum. Should the pop stretch to the monthly pivot above $1,300, more upside potential is forecasted for the weekend, with $1,400 as the price target at the 55-day Simple Moving Average as the overall price cap.
ETH/USD Daily chart
Risk to the downside comes with the exact fourth repetition of what has been unfolding all of July and partial in June already. A false break, close at or below the $1,243.89 hurdle and a pullback that turns into a squeeze and sets bulls back roughly 15%. Even a break lower below $1,014.30 could see a slide towards $830, while giving up the $1,000 crucial psychological level.