Ethereum Price Prediction: A true bull run or just another suckers' rally?
- Ethereum price has rallied 25% over the weekend.
- Ethereum prints consecutive bullish engulfing sticks on the 8-hour chart.
- Invalidation of the bullish uptrend to come from a breach at $1,304.
Ethereum price shows strong technicals hinting that the bull run may just be getting started.
Ethereum price targets $1,850
Ethereum price has blown past sleeping bulls. The bull run that crypto traders have been hoping for is currently underway as the decentralized smart token is up 25% since Friday’s trading session settled at $1,193. Additionally Ethereum price has now risen 45% since the July 13 shakeout occured into a low of $973.
Ethereum price currently trades at $1,478. The bulls are signaling a strong retaliation against the bear's year-long suppression. ETH price has tagged a significant target level at $1,450 and will likely continue rising towards $1,550 if the bears cannot slow down the bullish momentum.
ETH/USDT 8-Hour Chart
Furthermore the bears will have significant trouble putting an end to the bullish mayhem as the technicals show consecutive engulfing candles on the 8-hour chart. A failure to provide a bearish rejection at the current price levels will kick off an additional 25% rally toward $1,850.
Traders who partook in last week’s bullish knife-catching trade setup are in profit 35%. Invalidation for bulls looking to enter the market would come about at $1,304. If the bears breach this level they may be able to decline towards $970 resulting in a 45% decrease from the current Ethereum price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
