- Ethereum price recovers 7% of losses accrued over the weekend.
- An influx of volume is occurring on intra-hour timeframes.
- Invalidation of the broader bearish thesis is a breach above $1,810.
Ethereum price retaliates against the bearish onslaught that occurred late last week.
Ethereum price fights back
Ethereum price shows commendable retaliation after last week's last-minute mudslide. Since August 26, the decentralized smart contract token fell 16% to a low of $1,420. As the opening New York bell rang on Monday, August 29, the bulls stepped back in with considerable force, inducing a volatile price hike.
Ethereum price currently trades at $1,526. The 7% bullrun kicked off during August's final days is accompanied by an influx of volume on intra-hour time frames. Speculation persists as the upcoming Merge in September could significantly impact the smart contract token's price.
ETH/USD 2-hour chart
Nonetheless, the bulls might need more gains before qualifying the steep downtrend as over. The bearish thesis from last week still targets $1,300. The recently breached 8- and 21-day simple moving averages hover above the ETH price near $1,588 and $1,788. Price action near these levels will be vital in measuring the bulls’ strength.
For now, an invalidation of the bearish outlook can occur if the bulls can conquer $1,810. Doing so could induce the next rally targeting $2,200, resulting in a 40% increase from the current Ethereum price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market - FXStreet Team
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.
Recommended Content
Editors’ Picks
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Solana, Base and AI meme coins rally, are speculative tokens making a comeback?
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.