Ethereum price looks strong and ETH dares to dream of $2,700 again

  • Ethereum price got a positive lift in the recovery of the global market.
  • Bitcoin and other major cryptocurrencies were back in the news after attention from Musk, Dorsey.
  • Some short-term profit taking is taking effect, but more upside is yet to come.

Ethereum price completed the fade-in trade a couple of days ago. The low from June 26 offered the best entry-level at $1,688.39. ETH recovered nicely and bounced off the S1 weekly support level at $1,755 to fully break the descending trend line and remove the horizontal resistance at $1,928.89. This critical level has already been spoken about as if ETH wants more profit days to come.

Ethereum price roars back with more upside

Price action today in Ethereum is even above the weekly pivot. It will be necessary now to see that ETH can withstand any selling pressure from short-term buyers looking to make a quick buck. A daily close above $1,969.68 is therefore vital if this rally does not want to be short-lived. 

Further to the upside, the next profit level to look at will be the 200-day Simple Moving Average (SMA) that is coming in around $2,092. Just above there, Ethereum price has the weekly R1 resistance level at $2,104.91. This makes it two significant levels to be aware of.

Ethereum price will have its work cut out for it with this level if it wants to keep rallying higher.

ETH/USD daily chart
ETH/USD daily chart

On the upside, it will be necessary for Ethereum price if today it can close above $1,928 and the weekly pivot. Any further upside after that will depend on buyers who want to get another piece of the pie and jump in for more. 

Sellers will undoubtedly look for that double top with the 200-day SMA and the weekly R1 resistance just above to build back some short positions. It will depend on whether the favorable tailwind remains present in global markets.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!