The Ethereum (ETH) price started the new week on a high note. The asset extended the previous week’s enthusiasm and is set for another leg-up as can be predicted by the recent price action.
- ETH/USD trades higher on Monday.
- A breakout above $1,500 will set a new directional bias.
- A daily candlestick below $1,400 would invalidate the bullish thesis.
As of press time, ETH/USD reads at $1,477, up 10.23% for the day. The 24-hour trading volume shoots up 8.69% at $1,79,237,819,346 according to CoinMarket Cap.
ETH moves north
ETH price has continued to increase in the past few sessions from the lows of $1000 to $1,500. This constitutes an upside rally of 50%, showing great strength and recovery in the asset.
ETH fell from the 20-day EMA and 50-day EMA crucial crossover extended from 6th June from the high of $1918.47 and tested the lows of $879.80 on June 18th. Since then, ETH entered into consolidation for a month-long time with a recent breakout.
On moving higher, the support-turned resistance near $1,770 could be the next immediate upside target. Further, if the bulls can sustain the buying momentum, the next target could be located at the psychological $2,000 level.
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The RSI (14) trades near 65 with no signs of exhaustion.
On the other hand, after a recent upsurge, there is a possibility of a temporary retracement toward the 20-day and 50-day EMA crossover at $1,275.
What to do?
ETH price looks bullish in the higher time frame, but the price cannot move in a linear fashion. We expect a probable retracement. This could be an entry point for a long position with strict stop loss.
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