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Ethereum Price Action Looks Beautiful, How Far Will ETH Price Rally Continue?

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Most cryptocurrencies closed higher in the last 24 hours, indicating that the upward momentum is still strong.

Given the current technical price of Ether, one cannot help but expect further price increases. This is in line with the overall cryptocurrency market’s upbeat outlook.

Following the recent crypto market crisis, Ether prices entered a period of lengthy stabilisation, which was defined by price zones between $1,800 and $2,300.

In fact, prices broke out of the $2,300 and $2400 resistance level yesterday. Ether’s current pricing is around $2,607. We should expect higher prices in the coming week if prices maintain above this resistance level.

After closing a daily candle above $2,400 yesterday, Ethereum pricing reaffirmed a strong bullish signal. In fact, for the first time since June 14, ETH broke over psychological resistance.

Because of the anticipated reduction in gasoline expenses, traders and buyers see the EIP-1559 introduction as a bullish issue for Ether pricing. In addition, Ethereum is anticipating the August 4 upgrade despite a hash rate recovery. 

Ethereum Price Next Target Level

The daily price movement of Ethereum appears to be STRONG and BULLISH. The day began with a Bullish start, with prices reaching an intraday high of $2634.

Above $2.6K, then $2.7K, are the next levels of resistance. The present price activity shows that it could easily break through these resistance levels, causing prices to skyrocket.

According to Popular analyst Micheal Van De Poppe,

The structure on #Ethereum against #Bitcoin  is still the same here. Critical breaker on the upside is found around 0.063 $BTC, while support is found between 0.056-0.058 BTC and at 0.05 BTC.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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