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Ethereum's Price Breaks Above 100-Day Moving Average, But Could It Be a Bull Trap?

June 25 (Cointime) - Ethereum's price has found support at the 200-day moving average and has since experienced a strong bullish rally, breaking above the 100-day MA. This could be a positive sign for Ethereum's mid-term prospects, but there is also a risk of it being a bull trap.

The price needs to overcome substantial resistance at the $2K region and consolidate above to confirm the presence of a bull market in 2023 and restore sufficient demand to the market.

On-chain analysis shows that the futures market sentiment is uncertain, with the Funding Rates metric indicating increased buying pressure and a greater tendency among participants to take long positions rather than short positions, but traders should exercise caution as it may actually be a bull trap.

Ethereum Ethereum $3,435.40
+1.74%
Ethereum
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