Ethereum bulls come out to play while ETH price considers another 15% climb


  • Ethereum price is deliberating another 15% spike as part of a 39% falling wedge pattern breakout.
  • Attackers of the Deribit hot wallet transferred 210 ETHs, according to transaction records on Etherscan.
  • As support behind Ethereum steadies, weakening resistance areas could pave the way for gains to $1,897.

Ethereum price is slacking in its quest to return above $2,000. The largest smart contracts token teeters at $1,640 at the time of writing and in the wake of a short climb from support highlighted by the 100-day Exponential Moving Average at $1508.

Its technical outlook remains bullish despite the sluggishness experienced as it approached $1,700. A daily candlestick close above $1,600 will go a long way to affirm Ethereum's likely move to $1,897.

What'sWhat's holding Ethereum price bullish outlook intact?

Ethereum price started its quest for highs close to $2,000 after securing support at $1,260. A break out of a falling wedge pattern boosted the bulls' efforts, setting the course clear for a 39.35% move to $1,897.

With the general outlook in the market staying bullish this week, it has been easy for buyers to nurture a sudden rebound that saw ETH tag $1,676 – a weekly high on most exchanges. From the daily chart, Ethereum is more than halfway through its breakout target – having moved 23.91% to trade at $1,640.

The falling wedge is a bullish pattern that often marks the end of a downtrend or continuation of an uptrend. It has a precise breakout target of 39.35%, measured by the distance between the widest points of the wedge – extrapolated above ETH'sETH's breakout point.

ETH/USD daily chart

ETH/USD daily chart

The Moving Average Convergence Divergence (MACD) indicator backs the bullish outlook in Ethereum price. The MACD validated a buy signal it gradually flashed in October by moving above the mean line. If the index's 12-day Exponential Moving Average (EMA) holds above the mean line, odds will be inclined to support ETH'sETH's bid for $1,897.

Fundamentals improve as Ethereum price uptrend steadies

According to Glassnode, the total exchange inflow volume has generally been upward since November 1. Approximately 360,000 ETH left exchanges compared to only 65,000 ETHs, as recorded on October 8.

This on-chain metric exhibits increased investor optimism. Holders tend to move their assets out of exchanges when they intend to HOLDL, a term used to mean holding assets for a longer period. This exodus of ETH from exchanges indirectly reduces selling pressure, thus paving the way for a sustained price movement to the upside.

Ethereum Exchange Outflow Volume

Ethereum Exchange Outflow Volume

For now, the path with the least resistance is to the upside, but bulls must confirm a daily close above $1,600. Moreover, trading above the stubborn resistance at $1,700 could quicken the move to $1,897. On the downside, short positions could flip profitable if Ethereum price slides below the 100-day (EMA) (in blue) for possible targets at the 50-day SMA and support at $1,360.

Etherscan transaction records

Etherscan transaction records

In other news, the Deribit hot wallet's attackers transferred part of the stolen funds to Tornado Cash on Saturday. According to Etherscan, 210 ETHs were moved in three transactions. The attackers still possess 8,901 ETHs, while all the stolen Bitcoin (BTC) is yet to be transferred.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP