The Ethereum price seems to have bounced back from the bottom it registered on Tuesday when the price fell to the $1760 level. Although the move has not been relatively large, a 12% jump is certainly a good way forward.
If this had to do with Elon Musk’s tweet remains to be seen but the move back up was certainly impressive.
Ethereum reached the $2000 level on July 22 before paring back slightly to settle at the $1970-$1980 level over the past few hours. The Ethereum price seems to be preparing for another leg up to the $2100 level to perhaps begin attacking the next resistance point at $2400.
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Short Term Price Forecast For Ethereum: Another Leg Up Or A Downturn
The Ethereum price made an excellent recovery over the past 24 hours of around 12% and looks poised to make further gains as buying interest accumulates. After having dipped slightly below the $2000 level over the past few hours, ETH looks to be priming itself for another substantial push upwards.
Ethereum was stuck in a constant decline since reaching the $2312 mark on July 8. In fact, the Ethereum price descended by around 23% from that high to the $1760 mark on June 21. The recovery has been quite impressive with a 12% gain over the past 24 hours.
The next bullish target for Ethereum would be the $2300 resistance level which was rejected on July 8. If this is attained and a daily close over this mark is registered, then Ethereum would logically attack the $2400 level and further on the $2600 mark. Bullish momentum should carry it forward to the $2900 mark although substantial buying interest would have to be registered.
A bearish thesis would however invalidate all this argument. If Ethereum sinks below the $1900 mark then it would logically retest the $1700 mark after which a drop of another 25% would see it test the psychologically significant $1500 level. If you haven’t bought any Ethereum yet, take a look at these Best Cryptocurrency Brokers.
Long Term Price Forecast For ETH: Further Gains Likely
If Ethereum manages to hold above the $2000 level for a sustained period then further gains seem likely. The 200-day SMA of $2083 should be the next target, and if this is broken, the price could go all the way back up to the $2400 mark quite fast.
Bulls seem to be in charge once again with the market appearing quite strong. Again, a tweet by Elon Musk could change all this with markets very susceptible to the social media storm out there.
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Gerald Fenech
