Ethereum (ETH) price has crossed the $1,700 level, which is a sign of bullish momentum. And everyone’s senses were blown away.
Bloomberg Intelligence Research analyst James Seifert was impressed: “Ethereum just flew through the resistance there.”
Bitcoin, Ethereum and other cryptocurrencies have surged after the Fed raised interest rates by 0.75%. It was actually an optimistic kind of domino effect for the crypto space.
Can ETH stay above $1,700?
Now, when ETH was able to do the unimaginable, all that is left for ETH to do is maintain that momentum and do everything in its power to stay above the $1,700 line.
In addition, shares of the Nasdaq Composite also rose 2.67% on Thursday despite a US economic slowdown in GDP reports. This is considered the Nasdaq’s recent all-time high since April 2020.
Furthermore, it is believed to be the largest Nasdaq rate hike since December 16, 2008, in which former Fed Chairman Ben Bernanke reduced interest rates to nearly zero amid the global financial crisis.
Ethereum is set to show a bull run in line with the merge event in September. ETH price shows a forking movement cut between the two impulse waves which may result in some problems holding ETH.
A possible retracement level towards the $1,270 level is a possibility. A breach of the $1,250 level could invalidate this recent rally.
The weekly forecast on ETH price as the second largest crypto has been validated through a 1.5-1 trading setup.
Target area hit on July 28, next target: $2,000
Analysts have given some outlook regarding a possible knife catch or V-shaped retracement and liquidation for ETH on July 22. The knife can hold the $1,300-$1,350 level or target the $1,900 area after a decline.
The invalidity of an upswing has been moved to $1,250 to make some room for adjustment and accuracy. In fact, analysts and experts recommend waiting for a breach of $1,460 to gain more confidence in ETH trading. And this happened recently.
The first target area was completed on 28 July. Traders who went with ETH’s big move are currently making progress in profitability with the coin. ETH price was able to successfully verify its bull run as it moved towards $1,900 in the near term.
ETH could possibly reach the $2,000 level and it just needs to stay and hover above the $1,700 level. The next potential target is the 2,000 level, with the resistance area set at $2,158.
ETH total market cap at $384 billion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com