Ethereum has reached a new milestone by exceeding $4,500. Analysts attribute this surge to expanding DeFi applications and growing institutional investments. The token’s chart shows a strong potential run towards the $70 mark in June, according to expert analysis. 1-day charts indicate an Elliott Wave reversal pattern that could spark a breakout toward $70 if key levels hold.
The token has formed a reversal structure and is bouncing strongly near the $10 price level today. Chart patterns reveal a possible breakout wave forming, with a path that could lead to $70 in June. Price action holds above the crucial support of $9.50, providing a bullish continuation from recent wave correction.
The token’s current rally is driven by a confluence of factors, including its multi-wave correction ending near $6.40. This structure aligns with traditional Elliott Wave theory for bearish phases and indicates potential upside movement from the recent corrective phase.
Recent data shows significant interest returning near the $10.00 area. Several bullish candlesticks on high volume suggest a retracement may be over. If Wave C maintains its position above $9.50, then the groundwork may be in place for the next impulse upward.
Key Fibonacci levels provide structural support. The 0.5 and 0.618 Fibonacci levels drawn from the recent rally align with key price points. These levels demonstrate healthy retracement depth that can fuel continuation if prices stay above this range.
RSI, stochastic momentum, and volume indicators show a clear upward trend. This signals a strengthening bullish sentiment, bolstering the potential for a breakout towards $70.
Could Ethereum reach $70 in June?
An upward wave trajectory suggests a possible rally to $70 by mid-June if bullish momentum sustains. A potential breakout could occur when key resistance levels at $12.40 are broken, as illustrated on the chart. Previous resistance zones near $25 and $46 could serve as intermediate checkpoints for further price movement.
Traders will be closely monitoring the support level of $9.50 as it acts as a critical trigger point for this potential breakout. The token’s current price consolidation may be the final shakeout before trend reversal. 7