The Ethereum (ETH), price surges to $1,700, indicating a bullish trend. Everybody was amazed.
James Seyffart, Bloomberg Intelligence research analyst, was impressed: “Ethereum just flew right through resistance there.”
Following the Fed rate rise of 0.75% Bitcoin, Ethereum and other cryptocurrency have shot up. The crypto market was fortunate to experience this optimistic domino effect.
Is ETH able to stay above $1,700?
Now, that ETH was able to do the inconceivable, all that’s left for ETH to do is to maintain that momentum and do everything in its power to stay above the $1,700 line.
Even more, Nasdaq Composite stock prices were up by 2.67 percent on Thursday, despite U.S. economic woes revealed in the GDP Report. This is regarded to be Nasdaq’s recent all-time high since April 2020.
In addition, this is considered the biggest Nasdaq rate hike since December 16, 2008, wherein Ben Bernanke, Fed’s ex-chairman shaved off the interest to almost zero in the middle of a global financial crisis.
The September merge event will see Ethereum experience a bull market. The ETH price has a forking movement that cuts between two impulse waves, which could lead to some issues with holding ETH.
There is still a chance of a retracement to the $1270 level. An attempt to breach the $1250 level could invalidate this rally.
Weekly forecast for ETH price validated. The second most important crypto has made it to the 1.5-1 trading set.
August 28th, Target Zone: Next Target: $2,000
Analysts have let in a couple of perspectives on July 22 regarding ETH’s potential knife catch or v-shape retracement and liquidation. The $1,300-1,350 or $1,900 level may be the target for the knife capture after the fall.
The $1,250 limit has been set for invalidating an upswing to allow room for adjustments and accuracy. Experts recommend that you wait for a breach to $1,460 in order to increase your confidence when trading ETH. That happened very recently.
On July 28, the first target area was hit. Those traders who opted for the large moves of ETH have seen a significant increase in their profitability. As ETH prices swish towards $1,900 in a short-term rally, it was able successfully to validate their bull run.
ETH could reach the $2,000 mark, but it only needs to stay afloat by hovering above $1,700. With a resistance zone of $2,158, the next target is the 2,000 level.
ETH Total Market Cap at $384 Billion on Daily Chart | Source: TradingView.com Featured image taken from TIME. Chart from TradingView.com
