The cryptocurrency market is waking up – A last-minute agreement has reportedly been reached to raise the debt ceiling in the United States. Good news for the financial markets and for cryptocurrencies, which is taking the opportunity to start rising again. Bitcoin is back above $28,000, and Ethereum is trying to get back above $1,900. A rebound that comes at the right time, but can the rise continue?
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Ethereum price climbs 2.8% in 24 hours
Ethereum takes advantage of a sunny weekend to start rising again. THE ethereum price climbs from 2.8% in 24 hours :
Thanks to this awakening of buyers, the price rose by 5% in one week. In six months, ETH shows a rise of almost 50%. THE ETH/BTC pair continues to stagnate for a week. Within a month, the pair climbs close to 5%.
Ethereum Price Rebounds At Institutional Bias On Weekly
After several weeks spent around $1,800, buyers show up. The lesson rebounds at the level of institutional bias (EMA 9/EMA 18) bullish:
Buyers now have to keep their hands on the price and have the price close beyond $2,150. A fence like this would preserve the weekly bullish momentum. If this scenario plays out, the price could quickly find itself at the level of the next significant resistance located at $2,400. Buyers should hold the latest low at $1,740 to avoid marking a double top. The RSI is moving above the bullish trendline, buyers continue to have momentum. The RSI should maintain a momentum of bottoms and ascending tops.
Ethereum price regains short-term bullish momentum
Ethereum bounced back to the level of bracket at $1,770. Also, the price broke the resistance introduced to $1,850 :
With the close above the last high at $1,875the price of ETH finds a short-term bullish momentum. The price could now block at the level of the resistance at $1,930and return to $1,850. This level should be maintained as support to end this tidy which lasted several weeks. If the price manages to break the resistance at $1,930it could head for the next resistance at $2,000.
The RSI could show signs of shortness of breathit is at the level of an important resistance in overbought zone. Buyers need to maintain momentum. For this, it is necessary to maintain a dynamic with troughs and ascending peaks.
The price of Ethereum takes advantage of the weekend to start rising again. On a weekly basis, buyers need to push for price action to close above the latest high at $2,150. Also, it will be necessary to keep the last low marked at $1,740. In the short term, the momentum is turning bullish again, but the price could pause and return to the 4H support level located at $1,850. This support must hold to avoid reintegrating the range.
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