ETH Skyrockets 12% To Highest Level Since May 18th, Is $700 Incoming? (Ethereum Price Analysis)

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|837260566fc06ab5ded00321cd9af469|

|da4d5d9ef973e0ff349e8d1a29def18b|: $700, $720, $750

|21be668fe5cd5d8fadf245342ec25fe8|: $636, $600, $538

ETH/USD. Source: TradingView

Following Bitcoin, Ethereum finally resumed its bullish run after recording a substantial 18% increase in the past 7 days. It broke to a new yearly high (where it now trades around $666) with a 12% gains overnight. Because of this, its market cap is now up to roughly $75 billion, at the time of writing.

Considering the above, it’s important to note that bulls are now taking charge of the market. The price is breaking away from the ascending channel to indicate that a fresh rally is underway. The price is likely to create more highs if this surge continues.

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Should the bulls push further, the next target is likely to be around $700, although it may encounter small resistance at $680. The next levels to consider above $700 are $720 and $750.

In case of a pullback, the level to watch is the $636 resistance that got broken today – now acting as a support. If it fails to hold, $600 is another level to watch. Below this, support lies at $537 and $489, where the price started to bounce back.

|e30db8ced96450ea1f1322b06a5b75f8|

|da4d5d9ef973e0ff349e8d1a29def18b|: 0.0337 BTC, 0.0371 BTC, 0.041 BTC

|21be668fe5cd5d8fadf245342ec25fe8|: 0.027 BTC, 0.0263 BTC, 0.024 BTC

ethbtc_chart
ETH/BTC. Source: TradingView

Yesterday, Ethereum dropped below the 0.03 BTC support that had suppressed bearish actions for the past three weeks. This drop became significant following a sudden selloff to 0.027 BTC today. Although, it has recovered a bit to where it’s changing hands at around 0.0293 BTC.

Despite the selling, the market remains bullish on a long-term perspective. But the trend may fade if the prices continue to drop, especially beneath the ascending trend line. However, a recovery above the crucial 0.030 BTC level could restore hope again. Unfortunately, the bears are showing commitment at the moment.

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As mentioned earlier, the 0.030 BTC level remains an important resistance for a recovery. A successful climb above it should reactivate buying pressure to 0.0337 BTC, 0.0371 BTC, and 0.041 BTC in the future.

Towards the downside, ETH recently saw a sharp rejection around the 0.027 BTC level. If the price dips lower, the next support can be found at 0.0263 BTC, below the ascending trend line. 0.024 BTC is the next level to watch.

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Cryptocurrency charts by TradingView.

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