ETH breaks above $800.00, and a strong bullish sentiment is evident.
The past few weeks have been glorious for the largest cryptocurrencies in the market. There has been consistent linear growth in the price of the major players marked with major jumps and steady steps to a full price reversal. This is an attempt to recover from the great fall in price experienced some months ago.
Tracking Ether’s Progress in the Market
Ethereum, the second largest cryptocurrency in the market as per market capitalization, has experienced a 2.20% increase within 24 hours currently selling at $807.64. Since the beginning of March, the ETH/USD pair hasn’t reached this level.
The previous trendline is going to act as a resistance for all upcoming trading actions that are taking place. The active, supportive trend line is aiming higher this time. Ethereum might stay above the $800.00 level.
ETH’s Growth Possibilities
Currently, the bullish reign is targeting $1,130 with resistance levels of $900 and $1,000 on the upside. On the downside, the first support level is $745. If the market is unable to hold the support level of $745, buyers will hoist close to $700 and when the 20-day EMA is at $645.
The only thing that can make the bullish trend take a bearish wave is if ETH/USD is unable to hold ground and falls below #700. If Ether dips below $700 investors are not advised not to start buying. However, anything below $700 may lead to a community-wide panic and sell off.
Ether has shown exceptional promise as a cryptocurrency since it was launched. Even with the dip, it suffered earlier in the year, it has managed to enter into a steady linear recovery mode. Some analysts believe that Ether with reach $1500 before the end of the year while others believe that it will reach $3000.
The bottom line is that Ether is strong and steady. It’s only going to get stronger with time.