Ethereum Price Analysis: Will Market Recovery Push $ETH Price Beyond $2140?

Ethereum Price Analysis: The crypto market gets back on the recovery track as the 4th largest cryptocurrency- XRP witnessed massive growth after its partial win in its legal battle against U.S. SEC. As a result, the Ethereum price also received some info and registered 7% growth on July 13th. The recent price jump breached the weekly barrier of $1966, indicating the potential for further growth.

Also Read: Bitcoin Price Pushes Past $31k as US Judge Rules XRP Not A Security – Rally to $38k Impending?

Ethereum Price Daily Chart

• The ETH price sustainability above $1966 will set the buyers to surpass $2000
• Ethereum Fear and Greed Index at 64% indicates positive sentiment for a bullish rally 
• The intraday trading volume in Ether is $134 Billion, indicating a 134% gain.

Source- Tradingview

The Ethereum price was underperforming since the beginning of July, as its market value plunged from $1966 to $1827 in the first two weeks. However, with a sudden boost in market sentiment, the buyers broke the chain of uncertainty and breached the $1966 barrier, and hit the $2000 mark.

With an intraday loss of 0.87%, the coin price reverted from the $2000 psychological barrier and is poised to retest the $1966 level as potential support. If the coin price manages to sustain the flipped support it would indicate the recent price surge is not just a ripple effect of XRP rise.

The $1966 support should bolster buyers to break the $2000 barrier and rechallenge the $2140 barrier. A possible breakout above the last swing high resistance will hints the continuation of bullish recovery.

[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]

What if Ethereum Breaks $2140 Resistance?

The ongoing recovery in the Ethereum price indicates the buyers are following the bull cycle within a rising channel pattern. Under the influence of this pattern, the asset price rose by resonating between two ascending trendlines. Therefore, the altcoin is set to revisit the upper trendline and could reach near $2386.

• Fibonacci Extension Tool: Concerning the recent correction, the $2386 level aligned with the 1.618 FIB extension tool indicates a suitable target.
• Relative Strength Index: The daily RSI slope above the 60% project the ETH price regains bullish momentum.