- Ethereum bulls are driving the ETH price upward, breaking free from a recent slump, with the quantity of staked Ether surpassing the 20 million mark.
- While progress has been observed, a sustained breakthrough is yet to be achieved, with key resistance at the $1,942 mark and an ultimate bull target of $2,459.
In the midst of Bitcoin’s recent surge, Ethereum (ETH) too has experienced a slight recovery, although it has yet to surpass its most recent high. Ethereum’s price, much like a boat braced against the tide, eagerly anticipates a long-awaited uplift.
Ethereum’s latest bounce-back has been prompted by a ripple effect from Bitcoin’s turnabout, albeit with muted intensity. Over the past week, this has propelled Ethereum, the second-largest cryptocurrency by market capitalization, past the pivotal $1,715 support zone. From this vantage point, the Ether price used the last few days to spring back to its interim high of $1,911.
Despite failing to breach this significant price level in the most recent trading hours, as long as Ether price manages to stabilize above $1,813, we can anticipate another bout of bullish activity in the short term. Adding to this optimism, according to analysis website TokenUnlocks, the number of staked Ether has crossed the 20-million mark. This means tokens equivalent to more than $38 billion are now staked in various pools, indicating investors’ continued confidence in Ethereum’s staking mechanism.
The market’s potential has been revived, at least temporarily. With Ethereum’s price able to avert a major downturn, it’s now up to the bulls to prevent any further substantial pullbacks. However, a clear breakthrough with a daily closing price above $1,942 will be necessary to set the stage for the next key decision at the previous month’s high of $2,019.
Should this strong resistance be decisively overcome, a retest of the blue resistance zone would be anticipated. Decisions between $2,072 and the annual high of $2,150 will determine whether the bulls can sustain the recent trend for a break towards new yearly highs. Should a breakout over this sturdy resistance area occur, fresh upward potential toward the medium-term target zone between $2,305 and $2,348 would be activated.
The Ether price has the potential for significant bullish performance, but only if it can stabilize in the $2,150 area and, ultimately, break north of the $2,346 mark. If achieved, the maximum price target of $2,459 will come into focus.
On the flip side, the bears have successfully paused any bull charge in the green resistance area for now. Their goal will be to force the Ether price swiftly towards the horizontal support line at $1,847. A potential retest of the red chart zone, which served as a launchpad for the previous day’s price rally, may be on the cards if the 23 Fibonacci retracement at $1,751 is relinquished.
In sum, Ethereum’s price dance hinges on a combination of resistance and support levels, bullish hope and bearish caution, as the crypto’s tug of war with the market continues.
Best Crypto Exchange for Everyone:
- Invest in Ethereum (ETH) and 70+ cryptocurrencies and 3,000+ other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
