- Ethereum price got a positive lift in the recovery of the global market.
- Bitcoin and other major cryptocurrencies were back in the news after attention from Musk, Dorsey.
- Some short-term profit taking is taking effect, but more upside is yet to come.
Ethereum price completed the fade-in trade a couple of days ago. The low from June 26 offered the best entry-level at $1,688.39. ETH recovered nicely and bounced off the S1 weekly support level at $1,755 to fully break the descending trend line and remove the horizontal resistance at $1,928.89. This critical level has already been spoken about as if ETH wants more profit days to come.
Ethereum price roars back with more upside
Price action today in Ethereum is even above the weekly pivot. It will be necessary now to see that ETH can withstand any selling pressure from short-term buyers looking to make a quick buck. A daily close above $1,969.68 is therefore vital if this rally does not want to be short-lived.
Further to the upside, the next profit level to look at will be the 200-day Simple Moving Average (SMA) that is coming in around $2,092. Just above there, Ethereum price has the weekly R1 resistance level at $2,104.91. This makes it two significant levels to be aware of.
Ethereum price will have its work cut out for it with this level if it wants to keep rallying higher.
ETH/USD daily chart
On the upside, it will be necessary for Ethereum price if today it can close above $1,928 and the weekly pivot. Any further upside after that will depend on buyers who want to get another piece of the pie and jump in for more.
Sellers will undoubtedly look for that double top with the 200-day SMA and the weekly R1 resistance just above to build back some short positions. It will depend on whether the favorable tailwind remains present in global markets.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.