Ethereum Price Prediction: Will ETH bulls squander another opportunity?

Ethereum price rallies 15% due to the interest rate hike during the FOMC meeting.
ETH could continue this rally to retest the $1,700 hurdle or retrace and bounce off the $1,543 level.
A daily candlestick close below the $1,543 support level will invalidate the bullish thesis.

Ethereum price shows signs of continuing the uptrend that was recently triggered by the US central bank raising interest rates by 75 basis points. This development spurred buying pressure triggering rallies in Bitcoin, Ethereum and many altcoins.

Ethereum price has another chance

Ethereum price fell short of retesting the $1,700 resistance barrier after rallying 65% between July 13 and July 24. However, the FOMC-induced rally is giving ETH bulls another go at reigniting a bull rally.

During the FOMC meeting on July 27, ETH climbed 15% and set a swing high at $1,680 but failed to retest the aforementioned resistance barrier. This lack of bullish momentum could result in a retracement.

However, the Ethereum price and the bulls will get another chance after retesting the $1,543 support level. A bounce off this level is the last chance for buyers to band together. If successful, investors can expect the resulting upswing to retest the $1,700 level.

If the momentum persists, the Ethereum price could even revisit the $2,000 psychological level.

ETH/USDT 4-hour chart

On the other hand, if Ethereum price breaks below the $1,543 support level, the chances of revisiting the $1,284 barrier are high.

A daily candlestick close below this level will invalidate the bullish outlook and open the path for ETH to revisit the range’s midpoint at $1,080.

Share: Cryptos feed

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.