Ethereum Price Uptrend Jumpstarted Swinging Past $1,400 While $2,000 Beckons
- Ethereum swings to new record highs, leading recovery among the top cryptocurrencies.
- Ether must close the day above $1,500 to validate the uptrend to $2,000 while on the downside support at $1,200 is crucial.
Ethereum is among the best-performing cryptocurrencies in the market after a gruesome end of the week. The weekend session was characterized by consolidation across the board but Ether bulls focused on regaining complete control over the price.
Data by CoinMarketCap shows Ethereum trading 16% higher at $1,430. Recovery from last week’s low of $1,145 has been consistent. Various hurdles have been broken to pave the way for the accrued gains including the 100 Simple Moving Average, the 50 SMA on the 4-hour chart, and $1,300.
The biggest milestone has been trading above $1,400 and achieving a new record high of $1,481. A glance at the short-term chart highlights the growing bullish influence as bulls fight for action beyond $1,500
The Relative Strength Index is not quite overbought yet, hence the availability of room for growth. The upswing to $2,000 will be validated if Ethereum closes the day above $1,500. Besides, establishing higher support will call for more buy orders which in turn will increase the tailwind behind Ethereum.
ETH/USD 4-hour chart
For now, the least resistance path is upwards, however, sustaining the uptrend above $1,400 will play a key role in the remaining journey to $2,000. Note that failure to hold at this higher support may increase overhead pressure on ETH/USD.
On the downside, support is anticipated at $1,300, $1,200 and $1,100. The 50 SMA and the 100 SMA will also absorb the selling pressure. Immense support is accorded to the pioneer altcoin, further validating the uptrend.
Ethereum intraday levels
Spot rate: $1,430
Relative change: 34
Percentage change: 2.4%
Trend: Bullish
Volatility High
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
