Ethereum price roars back with more upside

Ethereum price roars back with more upside


 Ethereum ETH price completed the fade-in trade a couple of days ago. The low from June 26 offered the best entry-level at a price of $1,688.39. ETH recovered nicely and bounced off the S1 weekly support level at a price of $1,755 to fully break the descending trend line and remove the horizontal resistance at a price of $1,928.89. This critical level has already been spoken about as if ETH wants more profit days to come.

Price action today in Ethereum price is even above the weekly pivot. It will be necessary now to see that ETH’s price can withstand any selling pressure from short-term buyers looking to make a quick buck. A daily close above the $1,969.68 level is therefore vital if this rally does not want to be short-lived.

Further to the upside, the next profit level to look at will be the 200-day Simple Moving Average that is coming in around $2,092. Just above there, Ethereum ETH price has the weekly R1 resistance level at a price of $2,104.91. This makes it two significant levels to be aware of.

Ethereum ETH price will have its work cut out for it with this level if it wants to keep rallying higher.

On the upside, it will be necessary for Ethereum ETH price if today it can close above $1,928 and the weekly pivot. Any further price upside after that will depend on buyers who want to get another piece of the pie and jump in for more. 

Sellers will undoubtedly look for that double top with the 200-day SMA and the weekly R1 resistance level just above to build back some short positions. It will depend on whether the favorable tailwind remains present in global markets.

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