The 12H timeframe price chart of Ethereum showed the short-term bullish dominance with declining exchange supply hinting at further gains.
, the largest of all altcoins by marketcap, enjoyed notable gains with a price surge to $1,924. However, a price rejection at the price level posed some concerns about the strength of ETH’s bullish rally.The 12-hour timeframe highlighted Ethereum’s strong push from the $1,718 support level. Three bullish candles in a row took ETH to the $1,924 resistance level.
The price rejection saw ETH dip slightly with the king of altcoins trading at $1,888, as of press time. Despite the rejection, the signs look positive for a continuation of the bullish rally. The capital inflow into ETH has been significant, as seen in the swift rise of the Chaikin Money Flow indicator between 19 June and 21 June. Despite a slight dip, the CMF remained positive, as of press time, with a reading of +0.12. The RSI hovered just below the overbought territory to show strong bullish momentum.
Taken together, buyers could flip the $1,924 level on the next retest, due to the strong bullish momentum and the weakening resistance that has been tested severally. An inability to flip the level could drop ETH into a range with bears targeting the $1,800 price zone.
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