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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ethereum-price-breaks-out-of-its-key-resistance-whats-next-for-eth-price/">Ethereum Price Breaks Out Of Its Key Resistance! What’s Next For ETH Price?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Following the news of Bitcoin ETF, the crypto market has gained significant value movement. The information has attracted more institutional traders, resulting in the price experiencing a massive jump in value.
<a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> has recorded a surge of over 19% in value in the past week, breaking the price out of its important resistance level of $31,000.
The Ethereum price has displayed a massive price action in its value and has followed the footsteps of the market leader as it has jumped over 14% within the past week, resulting in the altcoin breaking out of its key resistance at $1,745.26 for the first time in over 50 days, further indicating a bullpower in the market.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/oNAo9760BgKmY4TvmIm4Xg1Ybv_vAerbVUxKqMM8xAi-c5iEpXcGPni1xMouLF4iJPKNE6vMNvCj8WkFzackjm4SMqfxzRAjxzk-3TsfyFzaUZkIDToDddYSYCR4BB-PJOh8cjs-b3EXU-4dNAQ0E54" alt="Ethereum Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: ETH/USDT
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</figure>
<a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/" rel="noopener noreferrer nofollow">ETH price</a> had witnessed a significant fall in its value from $1,850 to $1,650 during mid-August, following which the star altcoin lost momentum and started trading in a closed range of $1,600 and $1,686. The coin attempted to break out and start a bullish jump, but the price repeatedly got rejected at $1,745.26, making it a key resistance level.
Further, the ETH coin was seen trading under a bearish influence, resulting in the coin breaking down its crucial support level at $1,600. Ethereum then started trading close to its lower support level at $1,539.01 for a short period, following which the market gained momentum.
The ETH price broke out of multiple resistance levels to test its important resistance level at $1,800 and successfully managed to cross it, but the rally was short-lived as the bears pulled back the price below the $1,800 mark, forming a long wick in the chart.
The MACD displays a robust rising green histogram in its chart, indicating a massive ongoing price action for the Altcoin. Further, the averages show a rising pattern, suggesting the price to continue rising in the coming days.
<h2 class="wp-block-heading" id="h-will-eth-price-rise-again">Will ETH Price Rise Again?</h2>
If the bulls continue to hold the price and push it above the $1,800 mark, the ETH price will regain momentum and prepare to test the upper resistance level of $1,916.13 soon.
Further, if the bulls continue to dominate the market, the price will make a run to reclaim its $2,000 mark in the coming month.
Conversely, suppose the bears regain power over the bulls, and a trend reversal occurs. In that case, the ETH price will experience a drop below its support level at $1,745.26 and continue to plunge and test its lower support level of $1,686.77 in the coming days.
Moreover, if the bulls fail to hold the price at that level, the price will continue to dip and test its crucial support level at $1,600 in the coming days.

Ethereum Price Breaks Out Of Its Key Resistance! What’s Next For ETH Price?

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