Ethereum Price Prediction, Will the uptrend rally persist

Ethereum initiated a downward correction after reaching $1,850 level

On the back of speculation surrounding a bitcoin exchange-traded fund (ETF), the cryptocurrency market experienced a substantial uptrend. Bitcoin surged by over 20% within a week, shattering the psychological barrier of $30,000.Ethereum mirrored Bitcoin's success by surpassing the $1,750 resistance, achieving a nearly 15% increase in the same period. At present, ETH is trading in proximity to its 200-day moving average.

Technical View:

According to Coingabbar Price Analysis, On the daily chart, Ethereum traded within a channel, surging from the $1,550 support level, which boosted trader optimism. Bulls breached the 100-day moving average at $1,700, pushing ETH to briefly cross $1,800 and reach $1,855. However, Bears later pushed the price below $1,800 and below the 200-day moving average which is held at $1,785, forming a long wick on the chart. A rejection here could lead to consolidation and increased volatility, a common post-surge pattern that might precede another significant move.

KEY LEVELS :

RESISTANCE LEVEL : $1,800-$1,840

SUPPORT LEVEL : $1,750-$1,710

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.