Ethereum (ETH) is now showing extremely bullish signals, suggesting that the bottom may have indeed been in for the second-largest cryptocurrency by market capitalization. From a low of $1,650 on August 10, ETH’s current price is now at $1,897.74, according to CoinGecko.
Read CRYPTONEWSLAND onThe astounding surge in ETH price happened right after the US announced an inflation rate of 8.5%, which is even lower than the expected minimum rate of 8.7%. This caused various markets to surge, including stocks and cryptocurrencies.
As seen on the above chart, the price of ETH is now flirting with the $2,000 psychological resistance level. In fact, it already started to climb back up to $2,000 before getting rejected at $1,945. At the moment, there appears to be a slight correction.
However, ETH has recorded higher highs and higher lows in the last 24 hours. In addition, ETH is trading way above the 50-day and 200-day simple moving averages (SMA). Judging on the trajectory, it may not come as a surprise if ETH climbs back up to $2,000 before encountering a temporary selloff.
Meanwhile, ETH has been seeing up to five weeks of consecutive green candlesticks. If ETH manages to retain a green candlestick by the end of the week, it would then have six weeks of green candlesticks.
As displayed in the chart above, ETH doesn’t seem to have a strong resistance zone at $2,000. However, the biggest battleground is at $2,500. This will be the most crucial price level to watch out for Ethereum traders.
Conversely, the trading volume has somehow simmered down. Plus, the Relative Strength Index (RSI) suggests that ETH is already overbought. Hence, traders need to be extra vigilant in the coming days so as to view the prevailing trend soon.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.
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