Ethereum Price Jumps 7% In A Single Day; Is $1,700 Next In Offer?

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Published 41 mins ago

Ethereum (ETH) price jumps with substantial gains as the week begins. The price is trading in the green for the past few hours. Despite, a negative opening, ETH scaled up to the single-day gains for the first time since August 10.

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However, moving forward, the $1,550 remains a critical upside barricade for the ETH bulls. If buyers managed to flip this level, more gains would be pouring in for the second largest cryptocurrency.

  • Ethereum price zoomed more than 7% as the buyers hold the grip on Monday.
  • Additional buying interest could push the price above $1,550, a critical level to defeat to sustain the gains.
  • Reliable support near $1,420  supported the current price action.

As of writing, ETH/USD is exchanging hands at $1,525.23, up 7.45% for the day. The trading volume is at $18.04 billion with more than 39% gains according to  CoinMarketCap data. A rise in volume along with the price is a bullish sign.

Ethereum price looks for more gains

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Source: Trading view

On the daily chart, the Ethereum price analysis implies a bullish day. A strong green candlestick indicates a renewed buying interest in the altcoin.

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The price fell below the 0.5% Fibonacci retracement level, the Fibonacci retracement extends from the lows of $1,000 to the swing high of $2,031.39.

However, the formation of an ‘inverted hammer, which is a bullish formation calls for a trend reversal at least in the short term. In addition, the formation of a big green candle in today’s session confirms the buying momentum.

More buyers would be attracted to the gains or the sidelined investors could make a late entry to capitalize on the current opportunity. If that occurs, a breach of the $1,550 level would entice bulls to capture the 0.38% Fibonacci retracement. at $1,620.78.

Next, the market participants could aim for highs made on August 25 at $1,722.18.

The RSI (14) trades below the average line. It reads at 44. Any uptick in the oscillator would advocate for the upside move.

In contrast, failure to sustain $1,500 could upset the current bullish bias. In addition, a daily close below $1,420 would invalidate any bullish outlook.

Also read: http://Just In: CME Group Launches Euro Based Bitcoin, Ethereum Futures

Earlier, the Ethereum price appreciated more than 100% from the lows of $$1,000. After making a swing high of $2,031.39, the price immediately retraced below $1,500. Since then, the price is making lower highs and lower lows, indicating a downside trend.

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However, the current market structure indicates the sellers lose their steam as they failed to drag the price below $1,400 mark. We expect a bullish approach at least in the short term.

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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.

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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.

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