- Ethereum price is shaking off the profit-taking from Monday.
- A technical setup in ETH looks ready to push it further up beyond $2,325.07.
- Twofold support looks solid to keep price action to the upside in the coming days.
Ethereum price was in the same boat as most of the cryptocurrencies yesterday, under pressure by profit-taking after a rally during the weekend. This morning we already paired losses and are back around the profit levels from Sunday evening.
Ethereum price ready for pop higher
Investors in cryptocurrencies can breathe again after a shaky Monday where major cryptocurrencies were forced to give up gains built up during the weekend. At one point yesterday afternoon, the profit-taking even accelerated, and ETH threatened to sell-off. But buyers came back in on technical levels.
Looking at Ethereum price action since it broke the orange descending trend line on June 28, it has made a new intermediate high around $2,360. ETH dipped lower only to test another trend line before retesting $2,360 again. Today, Ether has paired the profit-taking from last Sunday. Technical traders call this a cup-with-handle formation, and it looks ready for the jump higher.
The reasoning behind this play is that ETH usually now should pop above $2,360, only to retest it later on this week before then trading higher toward a more significant profit level. Looking at the chart that level can be found around $2,695 where in the past Ethereum price got rejected on the descending orange trend line.
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ETH/USD daily chart
The new trend line should hold nicely as Ethereum price has already had two confirmed tests that each time pushed the price back toward that $2,360-level. If that trend line would break, ETH still has the orange ascending trend line that is still waiting for a retest and would be the next point of entry for buyers to enter.
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