ETH Price Today: Ethereum (ETH) Explodes To 3 Month High, What’s Next? [Live Chart]

binance coinbinance coin
  • ETH price has risen nearly 85% since low in late July
  • ETH Price has reached 8 month trend line
  • EIP-1559 had a successful launch

Major Trading Price Levels

Ethereum (ETH) price has been on a terror run ever since price formed a triple bottom at the $1700 support. The last sweep of this support was nearly 3 weeks ago & now ETH price  is up 85% since. The NFT market has been exploding the last few weeks as well with NFT volume hitting all time highs. The majority of NFTs are hosted on the ethereum blockchain, which increases overall usage of the network. To add the icing on the cake, Ethereum successfully launched its EIP-1559 (London) upgrade over the last week which has greatly helped price action.

  • Over the last 17 days, ETH has only printed one red daily candle. This shows the immense interest & strength the cryptocurrency market still holds. The last 2.5 months was a slow time of downward price action.
  • That has finally came to an end & at the time of writing, ETH has been halted at its long term trend of nearly 8 months along with a major resistance zone of $3135-$3284.
  • For ETH to continue this parabolic run, bulls must clear both of these marks & hold above them. Overall it does seem unlikely as many indications show that steam is running out.

Ethereum Price Analysis: ETH/USDT Daily Analysis

Live Chart

TradingView Chart Snapshot

In the short term, if ETH price fails to break over the long term trend line along with the major resistance zone, price risks a fall back to minor support of $2813. For this to occur, price would likely break its short term uptrend that is shown. This trend has held price the entire way from $1700. Along with this trend , lies the 9 Day MA which has also held since the local bottom formed.

If ETH price breaks below these two marks, it will likely turn short term bearish and fall to $2600-$2800. 

While looking at the RSI, we can see how strength has entered the overbought territory for the first time in nearly 86 days. This is where the largest price movements occur although it does signal a top is nearing. There is a resistance line that was respected last time strength entered this zone as it will likely respect again, if it manages to get to it. The Stochastic RSI has been near flatlining in the overbought territory for over 15 days. This shows that strength has been maxed out & large corrections usually occur soon after. 

ETH Intraday Analysis

  • Spot rate: $3100
  • Trend: Bullish
  • Volatility: High
  • Support: $2850
  • Resistance: $3135

The post ETH Price Today: Ethereum (ETH) Explodes To 3 Month High, What’s Next? [Live Chart] appeared first on Coingape.

Publication date: 
08/08/2021 - 06:44
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.