- ETH/USD bulls agitate towards their all-time high at $4380.
- The coin rose with momentum to finally break past $2900.
- We can now expect the market to also break through the $3200 barrier.
There is palpable excitement as ETHUSD bulls agitate towards their all-time high at $4380. The cryptocurrency achieved its all-time high on the 12th of May 2021, after which it was quickly drowned by the sellers. It began a swift descent in the days following, which culminated in it falling by 61% on the 23rd of May 2021 to $1700. From this point, the market has been depressed, and the highest it has risen to since then was to $2900.
ETH/USD Key Levels
Resistance Levels: $3200, $3600, $4380
Support Levels: $1700, $2400, $2900
The struggles of ETHUSD with rejection at $2900 and much more at $2400 are well documented. There was, however, a renewed vigor injected into the market by buyers on the 21st of July, in which the market went 7 trading days without a bearish candle. This brought the coin to confrontation with $2400 once more. The market seemed to react to the level with a bearish Doji on display, but in an instant, the market broke through it.
Buyers didn’t stop there and they agitate for even higher highs. They pulled the trigger with a retracement on the 3rd of August. This shot the price with momentum to finally break past $2900. The Envelope indicator confirms a bullish trend when the market breaks out of the upper border on the 30th of July 2021. Price has since remained above the upper border in a very strong bullish impulse.
ETHUSD has had three major retracement events since pushing up from $1700 to its current trading level at around $3190. Each time, the retracement has been used as a trigger to shoot price beyond a resistance. The coin is just undergoing its recovery from the third retracement and it has now laid a siege below $3200.
The Relative Strength Index signal line has pushed up from a similar level as other retracements and we can now expect the market to also break through the $3200 barrier.
Also read: Ethereum Price Prediction: ETH/USD Slightly Holds Past $3,000
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