Will the Winning Streak in ETH Price Reclaim $1800 Mark?

Will the Winning Streak in ETH Price Reclaim $1800 Mark?

The ETH price breakout from crucial resistance indicates a high potential for bullish recovery; time to enter?

Published 9 seconds ago

The Ethereum price has recently showcased a resurgence of bullish sentiment that’s worthy of attention. After bottoming at $1,565, the ETH coin has embarked on a six-day bullish streak, catapulting its value by nearly 7% to a current trading price of $1,682. This move has led to a decisive breakout above a resistance line that constrained the coin’s price for a staggering 75 days. Is this breakout enough to surpass the $1800 mark?

Also Read: Ethereum Co-founder Proposes a Minimalist Approach to Protocol Design

Will ETH Price Recovery Extend?

  • A bullish breakout from the long-coming trendline set ETH price rally to $1744
  • The 100-and-200-day EMA wavering around $1744 creates a strong supply zone
  • The intraday trading volume in Ether is $3.1 Billion, indicating a 5% loss

TradingView ChartSource- Tradingview

On September 28th, the Ethereum price gave a decisive breakout from a downsloping resistance trendline which has carried a correction trend for over two months. While previously this trendline had acted as a daunting wall, causing the coin’s price to revert on two different occasions, the recent breakout signals a change in market sentiment.

By the press time, the ETH price traded at $1683 with an intraday gain of 0.94%. The steady growth in the coin price with rising volume indicates a sustained recovery in this coin. Should the momentum persist, the coin price may likely rise another 3.8% to hit the nearest horizontal barrier of $1744.

In a favorable bullish scenario, each swing high, which retested the breached trendline, stands as a potential target. Therefore, in an extended recovery, the coin price may target the $1877 mark, followed by $2023.

ETH vs BTC Performance

ETH vs BTCSource: Coingape| Ethereum Vs Bitcoin Price

Comparing the price behavior between the top two cryptocurrencies Bitcoin and Ethereum, it seems the ETH price has received a significant inflow in the recent upswing. Since last week, this altcoin price has recorded a significant rally, also surpassing its last high of $1,670. However, the Bitcoin price is struggling to surpass the $27000 mark.

  • Exponential Moving Average: The reclaimed 20- and 50-day EMA offers an additional edge to buyers.
  • Average Directional Index: The downtick in the ADX slope reflects weakening bearish momentum.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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