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TA: Why Ethereum Above $1,500 Is Just The Start of A Major Rally

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Ethereum broke the $1,450 resistance and surged above $1,500 against the US Dollar. ETH price traded to a new all-time high at $1,550 and it is likely to continue higher.

  • Ethereum is up over 10% and it broke many hurdles near $1,450 and $1,500.
  • The price is now trading nicely above $1,500 and the 100 hourly simple moving average.
  • There was a break above a short-term contracting triangle with resistance near $1,535 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher towards the $1,580 and $1,600 levels in the near term.

Ethereum Price is Gaining Momentum

After forming a support base above $1,400, Ethereum finally broke the main $1,450 resistance zone. It opened the doors for a nasty increase in ETH price above the $1,475 and $1,500 resistance levels.

During the increase, there was a break above a contracting triangle with resistance near $1,445 on the hourly chart of ETH/USD. The pair cleared the 1.236 Fib extension level of the key decline from the $1,439 high to $1,270 swing low.

Ether price gained over 10% and traded to a new all-time high close to $1,550. Recently, there was a break above a short-term contracting triangle with resistance near $1,535 on the same chart.

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Ethereum Price

Source: ETHUSD on TradingView.com

It seems like the price is currently struggling to clear the $1,550 zone. It is close to the 1.618 Fib extension level of the key decline from the $1,439 high to $1,270 swing low. A clear break above the $1,550 and $1,555 levels could set the pace for a larger increase in the coming sessions.

The next major resistance could be the $1,600 level, above which the bulls are likely to aim another 5%-8% rise in the next 2-3 sessions.

Dips Supported in ETH?

If Ethereum fails to clear the $1,555 and $1,580 levels, it could correct lower. On the downside, an initial support is near the $1,520 level. The first major support is near the $1,500 level.

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The main support is now forming near the $1,450 level (the recent breakout zone). If there is a clear break below $1,450, ether price may perhaps revisit the $1,400 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

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Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $1,500

Major Resistance Level – $1,555

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Ethereum

Reason Behind Ethereum (ETH) Price Surge to $12,000

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  • Justin Bennett looks at a situation in which the price of ETH could hit $12,000.
  • Ethereum always follows the BTC price.
  • Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000.

With Ethereum (ETH) breaking the $4,000 price this week, analyst Justin Bennett looks at a situation in which the price of ETH could hit $12,000. More so, the crypto has limited two-and-a-half months to travel this year. This indicates ETH has only limited time to reach the optimistic price targets.

According to CoinMarketCap, the ETH price is trading at $4,010.56 with a 24-hour trading volume of $18,093,022,938, at the time of writing.

ETH/USDT Price Chart (Source: TradingView)

Ethereum always follows the BTC price, however, analysts have not seen a deviation from this trend. Also, with the current market conditions, the analyst explained in his newsletter which indicators reveal that the price of the pioneer crypto will reach as high as $200K before the present cycle ends.

In case, ETH hits this price target, then ETH will surely rally over 300% in response to this. Aside from all this, Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000 with the present ETHBTC levels. Added to this, the analyst views that the price of ETHBTC will surge before the end of the bull market.

According to Bennett, the price of ETHUSDT could be between $15,000 and $20,000. If the price of bitcoin breaks above $200,000 before the cycle ends, then the price of ETHUSDT will also rise.

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Recent trends indicate that Ethereum may hit a new all-time high before the weekend closes, despite significant resistance toward breaking the previous all-time high. If that happens, then we will just have to wait and see what happens.

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One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground, According to Crypto Trader Benjamin Cowen

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Crypto analyst Benjamin Cowen says an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.

Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”ADVERTISEMENT

The 12th-ranked asset by market cap is trading at $68.28 at time of writing, up over 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.

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Cowen notes that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two metrics are what Cowen refers to as the “bull market support band.”

“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks. 

A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.” 

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Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “in the next month or so,” but he does say that Avalanche can increase in value in terms of its relationship to the US dollar in the short term.

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Ethereum Price Forecast: ETH bulls set sights on new record high targeting $6,000

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  • Ethereum price is gearing up for a new all-time high as two significant bullish chart patterns have transpired.
  • The governing technical patterns present optimistic targets at $6,015 and $6,365.
  • A daily close above $3,960 would add credence to the bulls’ aspirations toward $6,000.

Ethereum price is hovering around a key support level which has previously acted as resistance for ETH, as the bulls catch their breath before the token resumes its rally. As long as the second-largest cryptocurrency by market capitalization holds above $3,960, a 60% surge is still on the radar. 

Ethereum price eyes 60% ascent

Ethereum price has printed two major bullish technical patterns on the daily chart, an ascending parallel channel and a cup-and-handle pattern. The former chart pattern indicates that ETH has been consistently reaching higher highs and higher lows since mid-June, presenting an optimistic outlook for the token.

Based on the first prevailing chart pattern, ETH is likely to tag the upper boundary of the channel at $6,015, coinciding with the 161.8% Fibonacci extension level, representing a 48% climb.

The cup-and-handle chart pattern suggests that the projected target for Ethereum price is at $6,365, forecasting a 60% rally. While the two governing technical patterns establish an optimistic outlook for ETH, the token may be confronted by a headwind at its all-time high at $4,369, corresponding to the middle boundary of the parallel channel.

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Additional hurdles may emerge at the 127.2% Fibonacci extension level at $5,092, then at the 161.8% Fibonacci extension level at $6,015. 

Given the reinforcement of the two optimistic chart patterns presented on the ETH daily chart, retracements for Ethereum price may not be significant even if selling pressure arises. 

ETHUSDT

ETH/USDT daily chart

Ethereum price will discover immediate support at the support trend line at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The following line of defense will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then at the 50-day SMA at $3,453 before eventually dropping toward the lower boundary of the ascending parallel channel at $3,349, which meets the 61.8% Fibonacci retracement level.

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If Ethereum price fails to hold above the aforementioned levels of support, the bullish outlook may be voided, prompting ETH to plunge lower toward the 100-day SMA at $3,137.

ETH bulls should aim for a daily close above $3,960 to reinforce commitment for the bullish target to be on the horizon.

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