- Ethereum price breaks back above $1,800 on Friday in the ASIA PAC session.
- ETH signals a bullish outlook with the RSI showing spare room to head higher.
- Should ETH bulls cross above the green ascending trendline, expect to see a jump to $1,875.
Ethereum (ETH) price is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800. One hurdle is in the way now. The green ascending trendline must be overtaken again by bulls before heading to $1,875.
Ethereum price ultimately on trajectory to $1,930
Ethereum price slid below the green supportive trendline and made a two-week low on Thursday with nearly every crypto or altcoin component printing red numbers. Meanwhile, this Friday a small turnaround is noticeable, but not for everyone. Bitcoin price is still in the red, unable to jump above its recovery point, while Ethereum price has already advanced beyond that point at $1,800 and is primed to head higher.
ETH will need to cross back above the green ascending trendline in order to get that continuation going. Once that has happened, expect to see further follow-through higher that heads toward $1,875 near the 55-day Simple Moving Average (SMA). The Relative Strength Index (RSI) has ample room to do that and might even see a brief test at $1,930 in case bulls overshoot the profit target.
ETH/USD 4H-chart
Risk to the downside is coming from a possible rejection against that same ascending trendline. In case that holds as resistance, a firm rejection could send ETH back to $1,765 and flirt with a deeper loss. If that level breaks, a leg lower to $1,740 would print a new monthly low.
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
Ripple price shows signs of weakness
Ripple price stabilizes around $0.530 and trades within a tight range for the fourth day in a row on Tuesday. After breaking below its ascending trendline last week, XRP’s price was rejected from its daily resistance level on Monday.
Aptos price is poised for a rally following a retest of the support level
Aptos price extends its gains on Tuesday following last week's retest of its key support zone. On-chain data further support APT’s bullish outlook, as its open interest is rising and long-to-short ratio trades are above one, all hinting at a rally in the upcoming days.
Trump-related meme coins rally following high Polymarket odds and endorsement from Elon Musk
Polymarket data on Monday revealed that Donald Trump's odds over Kamala Harris in the presidential race surged to 54%, establishing an 8% lead for the Republican candidate. Following the lead, Trump-based meme coins saw double-digit gains.
Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community
Ethereum will see a 50% speed increase and improved DEX efficiency if new proposal is approved. EIP-7781 is already getting support from key members within the Ethereum community.
Bitcoin: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.