As Bitcoin price reclaimed $59,000, Ethereum also showed a bullish move above $2,500. Despite the bears' vigilance, bulls maintain a positive outlook.
Current State of Ethereum
The ETH price holds firmly above the lower support, indicating the bulls' preparedness to keep the ascending trend. The ETH/BTC pair also displays similar momentum, expected to initiate a 10% rise to reach the resistance. Analyst Michael van de Poppe believes it to be an excellent start to the week, with expectations of continued bullish divergence.
Factors Influencing Price Increase
ETH traded within a rising wedge in early August, leading to a significant pullback. However, it remains above the crucial support zone, keeping bullish hopes alive. To trigger a fresh bullish spell, ETH price needs to surpass the crucial range; otherwise, the bullish divergence may not be validated.
Future Projections
ETH price has been consolidating within a narrow range and shows potential to rise to the upper resistance zone between $2,947 and $2,995. The OBV traded horizontally for nearly a month in May-June 2024, resulting in a steep breakout from $3000 to $3,600 in one day. Similar signals indicate a possible breakout, potentially elevating levels close to $3000.
Ethereum is showing resilience at the $2500 level, providing optimism among investors. However, a breakout above key resistance levels is crucial to confirm the bullish trend. The cryptocurrency demonstrates potential for significant growth under favorable conditions, as seen in previous periods.
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