After breaking out of the previous month’s range, the price of Ethereum has started the current month on a high note. For the first time since mid-May, it has breached the $3,500 resistance level.
Over the past couple of weeks, ETH has tried multiple times to break above $3400. Although, eth failed to do so, the bulls put up resistance at $3,387. $3000 level has acted as the key support level all this while.
However, in the new month, ETH has finally surged and is set to test resistance at $3500.
It is now above 25 and 50-day exponential moving averages. At the time of writing, ETH is trading at $3536 up by 5.9% in the last 24 hours.
Looking ahead, the next resistance is at $3,600. Incase of a plunge, the support is at $3,300 level. However, a hover in the present range for a while is likely.
Popular Analyst Rekt Capital in a recent tweet chimes on ETH price action. He says, after achieving highest ever monthly close, ETH is set to turn $3500 resistance into support and propel higher.
ETH Price to hit $5000 in the next leg up?
Ethereum picking up pace has sent the market sentiment bullish. Majority of the crypto Twitter predicts for ETH to hit $4K soon. ETH is likely amping up for another leg up from here. Will it set a new ATH is to be watched out for.
Simon Dedic, Managing partner at MoonrockCapital took to Twitter to make a bullish case. He says, For September, $4000 is the conservative goal, and $5000 is the optimistic goal.
One upping this prediction is crypto analyst “Crypto Birb”. According to him, Ethereum could be worth $15K-$20K by Q4.
By breaking beyond the psychological milestone of $5,000, ETH is predicted to retest its August high. The recent implementation of the London Hard Fork, as well as its growing importance in the crypto sector, will be major catalysts.