The Ethereum market activity remains bullish, and ETH bulls have broken loose which is good news for investors, who are optimistic about the potential effects of one of the biggest events in the crypto world – the Merge – because it is so close at hand.
Recent numbers indicate that the price of ETH has settled into a range between $1,614 and $1,679. When compared to the previous analysis, which suggested that the crypto traded between $1,595 and $1,655, this is a significant increase.
The hourly chart’s above level could be broken, signaling strong bullish momentum that may lead to prices rising up to $1800. According to market watchers, bulls on the Ethereum market will try and regain the August 17 high of $1950.
Chart: TradingView.com
Ethereum (ETH) finds stability at $1,700
At the time of writing $1,670 acts as a strong block, while $1,612 responds as an entrenchment. The price appears to be stable around $1,700.
Relative Strength Index for ETH also looks very good right now. It is roughly at the center of the gauge. The coin is not being either overbought or oversold at the moment. In light of this, it’s possible that investors are feeling upbeat.
The price is moving in a positive direction. Even though a sudden decline occurred on September 7, the bulls were able to thwart the bears’ attempt to drive the price lower.
The price for ETH has risen dramatically since the aforementioned drop, exceeding the former ceiling of $1611.
Similarly, Ethereum’s CCI numbers are skyrocketing. At the time of writing, the CCI value for ETH was 349. This signal is a buy signal that both investors and traders will appreciate.
Bulls have $1,900 on their Crosshair
In addition, the previous analysis placed the bulls’ most likely objective in the $1,900 range. With the availability of real-time data, ETH’s upward momentum just gained additional strength as it broke through the $1,675 ceiling.
If this optimistic momentum keeps going, the June and July sell-offs will become a footnote in ETH’s history books.
Although the bulls might have been able to push the price up and maintain momentum, it is possible that they were unsuccessful in driving the market higher. Market performance can be extremely volatile, and any market will show this. The recent performance may be indicative of a further decline.
Market bulls are continuing their climb, and this could be what can last investors and traders for the long-term.
ETH total market cap at $208 billion on the daily chart | Source: TradingView.comFeatured image from Coinpedia, chart from TradingView.com