Amid the recent upsurge, the price is up 11% in the last 7 days.
If the bears drive the price below $1762 level, then price will head towards $1671 level.
The recent rise in Ethereum’s price is consistent with the market’s optimistic mood. The rising price of Bitcoin, driven in part by the prospect of Bitcoin ETFs, has had a salutary effect on the broader crypto industry. As a result of the market’s upbeat outlook, Ethereum, which is already a formidable competitor, has strengthened even more.
During the current crypto market surge, Ethereum gained 21% but still couldn’t break the $2,000 barrier. Many investors attributed the surge in value to the price of Bitcoin. The value of the cryptocurrency has moved between $1,760 and $1,850 during the course of the previous four days.
Breakout Likely
Assuming ETH recovers above the breakthrough mark of $1,853, the uptrend will continue. There will be further selling pressure on Ether if the price drops below the breakthrough mark of $1,746. The price however, is consolidating eyeing for a breakout in either direction.
At the time of writing, ETH is trading at $1789, up 0.59% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 16.90%. Amid the recent upsurge, the ETH price is up 11% in the last 7 days.
Source: CoinMarketCap
If the price manages to go past $1852 resistance level, then it is highly likely to head towards $2000 resistance level. If bulls could push the price above this level then the price will likely test the $2123 level.
However, if the bears drive the price below $1762 level, then price will head towards $1671 support level. Further decline will likely see price testing $1611 mark.
