Ethereum (ETH) price overshoots above $1,700 hinting a bullish momentum. And everyone was blown away.
James Seyffart, Bloomberg Intelligence research analyst, was impressed: “Ethereum just flew right through resistance there.”
Bitcoin, Ethereum, and other cryptocurrencies have soared following the Fed interest rate hike of 0.75%. It was indeed an optimistic kind of domino effect for the crypto space.
Related Reading: Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying
Can ETH 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.
More so, Nasdaq Composite stocks were also up by 2.67% on Thursday despite the U.S. economic slump 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.
Ethereum is set to showcase a bull run in line with the merge event happening in September. ETH price shows a forking movement sliced between the two impulse waves which may result in some problems with holding ETH.
A possible retracement towards the $1,270 level remains a possibility. A breach on the $1,250 level can invalidate this recent rally.
The weekly forecast on ETH price is validated as the second largest crypto made it through the 1.5-1 trading setup.
Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump
Target Zone Hit July 28, 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 knife catch may occur at the $1,300-$1,350 level or target the $1,900 zone after the decline.
Invalidation of an upswing has been moved to $1,250 to create some space for adjustments and accuracy. In fact, analysts and experts recommend waiting for a breach that offshoots $1,460 to gain more confidence in trading ETH. And that happened recently.
The first target zone was punched through on July 28. Traders who went with the big moves of ETH are currently gaining strides in profitability with the coin. ETH price was able to successfully validate its bull run as it swishes towards $1,900 in the short term.
ETH may probably hit the $2,000 level and all it needs to do is stay afloat and hover above $1,700. The 2,000 level is the next potential target, with a resistance zone set at $2,158.
ETH total market cap at $384 billion on the daily chart | Source: TradingView.com
Featured image from TIME, chart from TradingView.com
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