The sharp rise in Bitcoin yesterday caused sharp peaks in all altcoins, especially Ethereum. ETH, trading $1445-1700 band for about a month, seems to have set its sights on the upper resistances with this rise. Ethereum, which started the day at $ 1556, increased by 7.63% and closed at $ 1675. Ethereum, which forced the resistance of $ 1700, is trading at $ 1686 with an increase of 0.78% at the time of writing.
Ethereum Chart analysis
We have said that the very hard purchases in Bitcoin are effective in other altcoins, especially Ethereum. Looking at the chart, considering that the last one-day candle covers almost one month of candles, investors are buying with great appetite. It can be said that if ETH, which has been trading at 1445-1700 dollars for a long time, breaks the 1700 dollar level, its first target is 2000 dollars, which is the August price that Bitcoin broke yesterday. Still, it should not be forgotten that if the rise in Bitcoin reverses, ETH will be affected. In possible retracements, the levels of $ 1620, the EMA 5, and $ 1587, the EMA21, appear as support.
This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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