Ethereum flips $1619 to support: To $1700 next?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

• ETH prolonged its bullish rally to cross the $1,619 resistance.
• Community-wide accumulation might spur extra positive factors within the quick time period. 

Ethereum [ETH] took its bullish rally a stage larger by flipping the $1,619 stage to assist. This prolonged the positive factors of the bullish reversal from the $1,550 assist stage to five.7%.

Is your portfolio inexperienced? Take a look at the ETH Revenue Calculator

Bitcoin [BTC] hitting the $30k mark might spur ETH bulls to push for extra positive factors with the on-chart indicators flashing bullish indicators.

Can bullish rally take ETH to $1,700?

Supply: ETH/USDT on Buying and selling View

The sturdy bullish protection on the $1,550 assist stage supplied consumers with entry level for the current worth rally. Together with the bullish sentiment within the markets, ETH reclaimed $1,619 after a earlier rejection on the stage on 16 October.

The long-term goal for bulls lies on the $1,700 worth zone, however consumers might want to clear the $1,680 hurdle within the quick time period. As of press time, the chart indicators had been bullish.

The Relative Energy Index (RSI) highlighted the sturdy shopping for stress with a studying of 61. Likewise, the Chaikin Cash Circulate (CMF) stayed above the zero mark, which hinted at first rate capital inflows. This strengthened the bullish conviction of Spot market demand for ETH.

As such, bulls have a 3% lengthy alternative from the press time worth ($1,634) to the $1,680 worth zone. If bulls scale this hurdle efficiently, the $1,700 goal might be achieved.

Alternatively, a worth rejection at $1,680 might see the bullish rally lose momentum, resulting in a pullback to the $1,619 assist stage.

ETH whales are accumulating

Supply: Santiment

Learn Ethereum [ETH] Value Prediction 2023-24

Based on Santiment, the Imply Coin Age (90d) was on the rise at press time. This hinted that traders had been accumulating extra tokens, which might result in an extra worth improve.

Moreover, the Provide on Exchanges declined, which hinted at an easing of the promoting stress. Collectively, ETH bulls can count on to register extra positive factors within the quick time period whereas getting ready to increase the bullish rally to $1,700.