Ethereum market activity remains aggressive, and ETH bulls have broken down, which is good news for investors, as one of the biggest events in the crypto world – consolidation – is just around the corner.
According to the latest numbers, the price of ETH is set in the range between $1,614 and $1,679. This is a significant increase compared to previous analysis that suggested the crypto was trading between $1,595 and $1,655.
A break of the mentioned level on the hourly chart shows strong bullish momentum, which could take the price towards $1,800. Market watchers predict that the bulls in the Ethereum market will try to recover the high of $1,950 reached on August 17.
Ethereum (ETH) found stability at $1,700
As of this writing, $1,670 is acting as a strong barrier, and $1,612 is reacting as strong support. In any case, the price seems to have stabilized around $1,700.
ETH’s relative strength index is very healthy right now. It sits roughly in the middle of the scale. In other words, the coin is currently neither overbought nor oversold. In this sense, investors can feel good.
This price action is currently positive. Despite the sudden fall on September 7, the bulls managed to thwart the bears’ attempts to push the price lower.
Since the above decline, the price of ETH has increased significantly, above the previous ceiling of $1,611.
At the same time, Ethereum CCI numbers are trending upwards. As of this writing, the CCI for ETH is 349. It is a very strong buy signal for both traders and investors.
Bulls have $1,900 on Crosshair.
Additionally, previous analysis placed the bulls’ most likely target in the $1,900 range. With the availability of real-time data, ETH’s upward momentum gained further strength as it entered the $1,675 ceiling.
If this optimism continues, the June and July selloff will be a footnote in the ETH history books.
The bulls may have succeeded in driving the price up and maintaining momentum. However, as any market shows, market performance is highly subjective. This recent performance could be a precursor to further declines.
As market bulls continue to emerge, this may be the only thing that can sustain investors and traders for a long time.
ETH total market cap at $208 billion on the daily chart | Source: TradingView.comFeatured image from Coinpedia, chart from TradingView.com