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The Ethereum price seems to have made a good breakout from the lows registered last week and has finally overcome the $2300 resistance level. The current price represents an impressive 30% gain from the low registered on July 21 and there looks to be further momentum on the upside here.

After registering a low of $1760 on 21 July, Ethereum has been on a consistent rise since then. The Ethereum Price is up around 10% over the past 24 hours at $2340 and buying interest has now entered the market in a big way. If you haven’t yet bought some Ethereum, this How To Buy Cryptocurrency Beginners Guide is a good place to start.

Ethereum Price Short Term Forecast: Looking To Break Resistance

It seems that the Ethereum price is now well established above the $2300 mark and will be tackling the next resistance levels at $2600 and $2900. There seems to be considerable buying interest so the first target looks very achievable in the imminent short term.

A bullish thesis would have the Ethereum price rising up to the $2900 level over the next few days where it can then begin the assault on the $3000 mark, a level last seen in early May. This would represent an impressive 45% gain over the July 21 low and provide a clear indicator that bulls are back in town.

On the other hand, a bearish thesis would play out if the price were to once again sink below the $2300 level. If that were to be the case, then the Ethereum price would once again test the $2000 mark and possibly fall below that for a while. This would represent a 12% decline from current prices. However, this bearish pullback is unlikely to play out with all the bullish pressure on the market.

ETH Long Term Forecast: Is The $4000 Level Achievable Soon?

After having rebounded by at least 22% from its July 21 low of $1760, the Ethereum price continued increasing with another 7% leg up to the $2350 level. This seems to indicate that the current spike is not a dead cat bounce as had occurred in three instances after the spectacular May crash.

The jumps in late June and late May proved to be dead cat bounces so it would be hugely interesting to observe if Ethereum manages to successfully negotiate the $2477 price level successfully. That is the next level of massive resistance.

It is crucial that Ethereum makes a weekly close above the $2300 line if the long-term bullish trend is to be sustained. This would be a considerably positive confirmation of a trend change whilst confirming another 16% rise for a total of 37% from the July 21 low.

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