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.
A break of the above hourly level would indicate strong bullish momentum and potentially take prices up to $1,800. According to market watchers, bulls on the Ethereum market will try and reclaim August’s $1950 high.
Chart: TradingView.com
Ethereum (ETH), Finds Stability at $1,700
The price of $1,670 has been acting as a strong barricade, while $1.612 acts as a firm entrenchment. The price appears to be stable around $1,700.
Relative Strength Index for ETH also looks very good right now. Approximately in the middle section of the gauge. Or, to put it another manner, the coin does not appear to be overbought or undersold at this time. In light of this, it’s possible that investors are feeling upbeat.
This is a positive price trend. 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 of ETH is now higher than the $1,611 ceiling.
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 Get $1,900 in 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’ rise may prove to be the best thing for traders and investors over the long term.
ETH total market cap at $208 billion on the daily chart | Source: TradingView.comFeatured image from Coinpedia, chart from TradingView.com