Ethereum Price Analysis: Bulls Manages To Hold Critical Support; A Bounce Back Toward $1,600
The Ethereum (ETH) price analysis shows a rebound on the cards. The price has experienced a significant rise and is able to manage the vital support around the $1,400 level. The ETH price reveals a relatively upbeat approach.
- ETH price trades higher for the second straight session on Wednesday.
- The price stabilizes above the support-turned-resistance level near $1.380 mark.
- A bullish hammer formation suggests the presence of buyers near the lower level.
The ETH price picked up momentum after testing the lows in the previous session. Further, the formation of a bullish hammer candlestick formation indicates the emergence of the buyer and points to the accumulation for the next leg-up.
As of publication time, ETH/USD reads at $1,500, up 3.65% for the day. The second largest cryptocurrency by market cap trading volume decline by 12% at $17,387,757,657 according to CoinMarketCap.
ETH price picks up the upside momentum
On the daily chart, the ETH price recently gave a breakout out of a short-term consolidation and made swing highs of $1,670. The price has appreciated nearly 65% from the lows of $1,000.However, after tagging the higher level, the Eth price pauses the gains and begins to retrace.
The price took support near the lows of July 18, a double bottom formation. The buyers emerges near the $1,330 level and pushed up the price with more than 3% gains in today’s session.
A daily close above the $1400 mark would bring more gains. The ETH buyers would aim for the swing high of $1,640 once again.
4-hour chart indicates upside potential
On the 4-hour chart, a breakout from the rising wedge pattern kept buying in the asset. Further, a retest of the upper trendline confirms the breakout to be true. A move above $1,460 would confirm more gain towards $1,500 followed by the critical $1,600 level.
On the flip side, crucial support could be found at $1,350 if the bearish sentiment persists.
Conclusion:
ETH is showing bullishness on all time frames. However, investors are advised to wait for a daily close above $1480 for the next upside target.
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