ETH Price Action Suggests Possibility of Reaching $1,400
2022.07.08 15:30
ETH Price Action Suggests Possibility of Reaching $1,400
- Bulls have been successful in pushing ETH’s price higher after it fell below the $1,000 point.
- Looking at ETH’s chart, the ETH/USD pair has formed a bullish flag pattern.
- ETH is currently worth $1,244.04 after a 6.59% increase in price over the last day.
Things for Ethereum (ETH) have been looking a lot better after the crypto hit a recent low below $1,000.
From a technical analysis view, bulls have been successful in pushing ETH’s price higher after it fell below the $1,000 point. Currently, ETH is trading over $1,300 and it seems like bulls are ready to push the price even higher.
Ethereum / TetherUS 1D (Source: TradingView)
Looking at ETH’s chart, the ETH/USD pair has formed a bullish flag pattern and is currently trading just below the upper bound of the flag. If ETH’s price were to break through this level, it is very possible that the price could move toward $1,300 in the short term.
The RSI on the chart is currently at 48.25. This could indicate that there is some room for upside in the near term. ETH’s support currently lies at $1160 and the resistance lies at $1280.
ETH’s MACD is currently in the bullish zone and is steadily gaining more momentum. If the price of ETH were to break through above the $1,300 level, it is very possible for a strong rally toward $1,400 to occur.
According to CoinMarketCap, ETH is currently worth $1,244.04 after a 6.59% increase in price over the last day and after reaching a high of $1,262.89. The crypto is also up 17.61% over the last seven days.
ETH’s 24-hour trading volume is also up 14.26% and is currently standing at $15,653,869,190.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies
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