Ethereum Price to Rally hard
The Ethereum price is yet again in a decisive phase where-in a possible breakdown may lead the price to much lower levels. However, the Ethereum bull rally surpassed $1500 for the first time and maintained above $1600 levels effortlessly.
World’s top 2 cryptos, Bitcoin and Ethereum had a major bull run in the previous working day and broke out from the consolidation phase. Currently, Bitcoin price has surpassed the $38K milestone and Ethereum price is very close to $1700 levels.
The ETH price rally may get more accelerated in the coming days one of the popular hedge funds, Grayscale is swelling their Ethereum trust investments. Recently, it acquired 47,000 ETH and in the present-day update, it has acquired 12,684 ETH more, adding up a total of 83,678 ETH worth $137 million.
With the bullish momentum, the ETH price may rally hard to the highest levels. It may also double its price as predicted by one of the popular analyst, Lark Davis.
ETH price in a Decisive Phase
The Ethereum price which rallied hard close to $1700 but woefully got rejected and scrambled to the current levels surrounding $1650. The price is trading just above the strong resistance levels and hence now it is mandatory to hold on else a major drop may be expected.
The ETH price at the time of writing is $1661.57 with a jump of 3.18% in the last 24 hours. However, the price looks poised to hit the above resistance levels at $1708. A price dump may drastically drop the price below $1500 levels which may be short-lived.
Collectively, ethereum price is expected to rally hard and hit the milestone at $2000, if the resistance levels are broken and an uptrend is maintained. Else the ETH price may also experience a plunge carrying the price to the lower levels, also close to $1500.