- Ethereum price is on a tear to close the week with 10% gains.
- ETH price has $2,000 in reach, but traders watch out for rejection.
- Expect to see ETH price hitting $2,278.42 by the end of August, holding 20% gains.
Ethereum (ETH) price should be an example and motivation for other cryptocurrencies to follow its lead. Not only is ETH price printing at almost 10% gains for this week, but it is also in reach of a very big psychological level that could make or break the next steps. With several other indicators in favor of a more bullish reaction, expect to see ETH price soon hitting the monthly R2 resistance level at $2,278 and making 30% overall since the end of last week.
ETH price is pumped with no room to stop just yet
Ethereum price is on a tear after the very difficult trading week it had last week, where ETH price was nearly set to end its winning streak of five consecutive gains. This week will be number six as ETH price is holding a solid profit. EHT price saw its gains accelerating on the back of euphoria in global markets that the inflation numbers in the US are finally starting to slow down.
ETH price is in a good position to jump above $1,928, a key level just below the monthly R1 and crucial to be reclaimed by bulls. From there, a perfect entry is offered to go for that big $2,000 psychological level and right in the middle as an anchor point for the monthly R2 and the 200-day Simple Moving Average at $2,278. Should bulls be able to perform this playbook trade by the end of August, roughly 30% gains are there to write down on your account.
ETH/USD Weekly chart
Risk to the downside comes with a firm rejection against $1,928, which could see a big fade and pullback towards $1,688. With this drop back, bulls that bought in along the way will start to unload and unwillingly start to give bears more strength to dip toward $1,404. That is roughly a 20% loss as that pivotal level, together with the 55-day SMA, should be enough to catch the price action.
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.