• Ethereum price has made a strong comeback and is close to reaching $1700.
• The recent rise in Bitcoin’s price has lifted the entire crypto space, leading to a surge in Ethereum’s price.
• Technical indicators such as MACD, ADX & RSI have displayed a bullish divergence, indicating that the Ethereum price may consolidate for a while before entering a decisive phase.
Ethereum Makes a Comeback
Ethereum price kick starts a fine upswing and marks levels close to $1700 following a massive spike in the Bitcoin price. The bulls maintain significant dominance but prefer to remain low-key for the time being.
Impact of Bitcoin Price Surge
The recent rise in Bitcoin’s price has lifted the entire crypto space, which had been stuck in narrow ranges. This led to an increase in Ethereum’s price above $1500 before being stymied by bears just below $1700.
What’s Next For ETH Price?
When will Ethereum finally make it above $1700? The pressure is increasing, and as the price approaches the critical resistance, an upswing close to $1800 could be on the horizon with potential support base between $1650 to $1550 if there is bearish reversal.
As ETH has been trading within stable conditions for some time now, it is likely that its rise will be slower paced than other cryptos. Additionally, its dominance hasn’t changed significantly either which indicates that its short-term trend will remain range bound for some time yet.
Technical Indicators Showing Bullish Divergence
In the daily time frame, technical indicators such as MACD are showing buy signals while ADX & RSI have displayed bullish divergence – all signs pointing towards potential growth of the ETH price index soon after consolidation phase ends.
It appears that Ethereum’s current surge was triggered by Bitcoin’s own market performance and that further growth could be seen soon after this consolidation period ends. However, investors should exercise caution as there could also be bearish reversals which would affect ETH’s overall performance negatively over time.