Ethereum (ETH) price prints fresh gains on Friday. The seconds largest cryptocurrency surged more than 60% since July 12 outperforming the other crypto majors.
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- ETH price extends the gains for the second consecutive session.
- A decisive break above $1,650 would lead the relief rally toward $1,800.
- The price rallied more than 23% in the past 5-days.
Is the Market finds out the bottom?
The recent price action is bullish. Still, it would be too early to call that crypto winter is over. The price still struggled below the crucial 100-day EMA placed at $1,780.
As of press time, ETH/USD trades at $1,609, up 2.21% so far. The 24-hour trading volume dropped by 4% at $20,100,473,154 according to Coinmarketcap.
ETH gives a bullish signal
On the daily chart, the ETH price rose along the ascending trend line from the lows of $1,005.25. On the higher side, it faces a strong barricade near $1,631, highs made on Tuesday.
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To put it simply, a daily close above the mentioned level along with supportive volumes would open the gate for the next upside target. The buyers shall meet the first 100-day EMA (Exponential Moving Average) at $1,780. This would mark the crossing of the crucial support-turned-resistance level.
Earlier, following a short-term consolidation extending from $980 to $1,400, ETH gave a breakout on July 19. Since then the price continues to move higher. However, the momentum slows down near the higher levels.
The RSI (14) indicator reads at 68, indicating the market reached the overbought zone.
On the other hand, on the hourly chart, the price was retraced from the session’s high of $1,644. The formation of the red candlestick indicates a correction is on the way. The price could test the $1,550 horizontal support zone before moving higher.
Conclusion
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From the technical perspective, a minor retracement is expected as mentioned in the above level. But, that could be a dip-buying opportunity for investors.
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