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
Source- 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
Source: 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.
