Ethereum (ETH) price crossed over $1,700, indicating bullish momentum. Everyone was dumbfounded.
James Seifart, Bloomberg Intelligence Research Analyst, was impressed by saying, “Ethereum flew through the resistance there.”
Bitcoin, Ethereum and other cryptocurrencies surged after the Federal Reserve raised interest rates by 0.75%. It was indeed an optimistic kind of domino effect for the crypto space.
Can ETH stay above $1,700?
Now that ETH has managed to do the unthinkable, all that is left for ETH is to maintain this momentum and do everything in its power to stay above the $1700 line.
More than that, shares of the Nasdaq Composite also rose 2.67% on Thursday despite the US economic recession revealed by the GDP report. This is the highest level ever recorded by the Nasdaq since April 2020.
In addition, this is the largest rise in the Nasdaq index since December 16, 2008, as Ben Bernanke, the former chairman of the Federal Reserve, cut interest rates to almost zero in the midst of a global financial crisis.
Ethereum is set to display an upward trend in line with the consolidation event that will occur in September. Ethereum price is showing a forked movement cut between the two pulse waves which could lead to some problems in holding ETH.
A possible correction towards the $1270 level is still possible. A break of the $1250 level could invalidate this latest rally.
The weekly ETH price forecast is validated as the second largest cryptocurrency reached the 1.5-1 trading setup.
Target area hit on July 28, next target: $2000
Analysts allowed several views on July 22 regarding the possibility of ETH knife hunting or V-shaped retracements and liquidation. Knife hunting could occur at $1350, $1350 or target the $1900 area after the dip.
Elevation check clearing has been moved to $1,250 to create room for adjustments and accuracy. In fact, analysts and experts are recommending waiting for a breakout that excretes $1,460 to gain more confidence in Ethereum trading. It happened recently.
The first target area was breached on July 28. Traders who went with the big moves for ETH are currently gaining big steps in profitability with the coin. ETH price was able to successfully validate its bullish run as it heads towards $1900 in the short term.
ETH is likely to reach the $2000 level and all you need to do is stay afloat and hover above $1700. The 2000 level is the next potential target, with the resistance area identified 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