Following the news of Bitcoin ETF, the crypto market has gained significant value movement. The information has attracted more institutional traders, resulting in the price experiencing a massive jump in value.
Bitcoin price has recorded a surge of over 19% in value in the past week, breaking the price out of its important resistance level of $31,000.
The Ethereum price has displayed a massive price action in its value and has followed the footsteps of the market leader as it has jumped over 14% within the past week, resulting in the altcoin breaking out of its key resistance at $1,745.26 for the first time in over 50 days, further indicating a bullpower in the market.
ETH price had witnessed a significant fall in its value from $1,850 to $1,650 during mid-August, following which the star altcoin lost momentum and started trading in a closed range of $1,600 and $1,686. The coin attempted to break out and start a bullish jump, but the price repeatedly got rejected at $1,745.26, making it a key resistance level.
Further, the ETH coin was seen trading under a bearish influence, resulting in the coin breaking down its crucial support level at $1,600. Ethereum then started trading close to its lower support level at $1,539.01 for a short period, following which the market gained momentum.
The ETH price broke out of multiple resistance levels to test its important resistance level at $1,800 and successfully managed to cross it, but the rally was short-lived as the bears pulled back the price below the $1,800 mark, forming a long wick in the chart.
The MACD displays a robust rising green histogram in its chart, indicating a massive ongoing price action for the Altcoin. Further, the averages show a rising pattern, suggesting the price to continue rising in the coming days.
Will ETH Price Rise Again?
If the bulls continue to hold the price and push it above the $1,800 mark, the ETH price will regain momentum and prepare to test the upper resistance level of $1,916.13 soon.
Further, if the bulls continue to dominate the market, the price will make a run to reclaim its $2,000 mark in the coming month.
Conversely, suppose the bears regain power over the bulls, and a trend reversal occurs. In that case, the ETH price will experience a drop below its support level at $1,745.26 and continue to plunge and test its lower support level of $1,686.77 in the coming days.
Moreover, if the bulls fail to hold the price at that level, the price will continue to dip and test its crucial support level at $1,600 in the coming days.
Credit: Source link