• Ethereum price has seen a rise of 6% over the past week and has broken past the $1,500 price level.
• The technical outlook of the coin has been pointing towards continued bullishness on the chart.
• Immediate resistance for the coin stands at $1,690, with a possible move above $1,700 likely.
The world of cryptocurrencies has been seeing a tremendous surge in prices, particularly in the last few weeks. Bitcoin, the world’s largest cryptocurrency, recently crossed the $20,000 mark, leading to an increased interest in the other digital assets as well. Ethereum, the second-largest cryptocurrency by market capitalization, has been propelling itself considerably ever since Bitcoin crossed the $20,000 price mark. Over the last 24 hours, ETH has slightly moved down on its chart, depicting consolidated price action.
The past week has been quite a profitable one for Ethereum as it helped the Ethereum price move up by 6%. The coin finally managed to break past its consolidation at the $1,500 price level and has been moving north ever since. The technical outlook of the coin has pointed towards continued bullishness on the chart, with accumulation increasing substantially ever since Ethereum breached the $1,500 price level.
However, the chance of a price reversal cannot be ruled out just yet, as ETH was overbought and overvalued. Currently, Ethereum has secured $1,600 as the support level. The next price correction could help traders with buying opportunities, but it’s likely that Ethereum’s price might continue on the upside before the coin retraces. The market capitalization of Ethereum increased, which also reflected that the buying sentiment remained high.
As of now, Ethereum is exchanging hands at $1,620 on the one-day chart. Immediate resistance for the coin stands at $1,690; it even corresponds to the 50% Fibonacci retracement level. A move above $1,690 will help Ethereum touch the $1,700 price mark. The $1,700 price mark is a crucial area, as touching or breaching this level could be the deciding factor in how the coin fares in the near future.
Overall, Ethereum has seen a lot of positive developments in the past few weeks, and it looks like the coin is here to stay. With the current bullish trend, it’s likely that Ethereum will continue to rise in price over the coming weeks.