ETH Price Analysis: Will Ethereum Price Break $1500 On This Move Up?


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.  

Source: Trading view

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.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.