Ethereum (ETH) price breaks above $1,700, hinting at bullish momentum. And everyone was amazed.
Bloomberg Intelligence research analyst James Seyffart was impressed: “Ethereum just broke through resistance there.”
Bitcoin, Ethereum and other cryptocurrencies soared following the Fed’s 0.75% interest rate hike. It was indeed a sort of optimistic domino effect for the crypto space.
Can ETH stay above $1,700?
Now that ETH has been able to do the inconceivable, all that remains is for ETH to maintain this momentum and do everything in its power to stay above the $1,700 mark.
More so, Nasdaq Composite shares also rose 2.67% on Thursday despite the US economic crisis revealed in the GDP report. This is considered the Nasdaq’s recent all-time high since April 2020.
In addition, it is the biggest Nasdaq rate hike since Dec. 16, 2008, when Ben Bernanke, the former Fed chairman, cut interest rates to near zero amid a global financial crisis.
Ethereum is set to show a bullish run in line with the merger event taking place in September. The price of ETH is showing a sharp bifurcation move between the two impulse waves, which may lead to ETH holding issues.
A possible retracement towards the $1,270 level remains a possibility. A breach at the $1,250 level may invalidate this recent rally.
The weekly ETH price prediction is validated as the second-largest crypto passed the 1.5-1 trading setup.
Target zone reached on July 28, next target: $2,000
Analysts left some outlook on July 22 regarding the potential knife catch or V-shaped retracement and sell-off in ETH. The knife catch can occur at the $1,300-$1,350 level or target the $1,900 area after the decline.
The invalidation of a bull has been moved to $1,250 to create space for adjustments and precision. In fact, analysts and experts recommend waiting for a breach above $1,460 to gain more confidence in ETH trading. And it happened recently.
The first target area was drilled on July 28. Traders who have followed the big moves in ETH are currently gaining profitability with the coin. ETH price was able to successfully validate its bull run as it heads towards $1,900 in the near term.
ETH can probably reach the $2000 level and all it needs to do is stay afloat and hover above $1700. The 2000 level is the next potential target, with a resistance zone set at $2,158.
ETH total market cap at $384 billion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com