While the bullish possibility hovers over the ETH price rally, achieving certain levels may validate the beginning of a fresh ascending trend
Ethereum price began the fresh week on a bullish note after withstanding a minor pullback from the highs. The second-largest crypto broke out of a crucial resistance and now seems poised for a continuation of the bullish divergence. As Bitcoin price reclaimed the levels above $59,000, ETH price also made a bullish move above $2,500. However, the bears appear to be extremely vigilant over the token, while the bulls remain poised to keep up the bullish perspective of the ETH token.
Moreover, the token is also trying to gain strength against Bitcoin and once this happens, we can expect the ETH price to begin moving, which could elevate the levels beyond the expected range. The ETH price has been holding above the lower support firmly, which suggests the preparedness of the bulls to keep up the ascending trend. Besides, the ETH/BTC pair is also displaying similar momentum, which is expected to initiate a 10% rise to reach the resistance.
One of the popular analysts, Michael van de Poppe, highlighted the first day of the week as an excellent one, as the pair rebounded and now we can expect a continuation of the bullish divergence. The analyst remained bullish on Ethereum as the start of the week remained bullish after withstanding a minor pullback. However, he believes the bullish divergence may be valid for now, but to gain some more momentum, a rise beyond 0.046 BTC is a must.
“An excellent first day of the week, as ETH/BTC crawled upwards,
The bullish divergence might still be valid, but we’ll need more additional momentum and a breakout above 0.046BTC.”
With This Move, Will The Ethereum (ETH) Price Surpass $2,800?
The ETH price was trading within a rising wedge in the first few days of August, which triggered a massive pullback in the price. The price continues to trade above the crucial support zone, which has kept the bullish hopes alive. However, to trigger a fresh bullish spell, the ETH price is required to surpass the crucial range, without which the bullish divergence may not be validated.
The ETH price has been consolidating within a narrow range and displays the possibility of rising to the upper resistance zone between $2,947 and $2,995. The OBV had been trading horizontally for nearly a month, which occurred in May-June 2024. This resulted in a steep breakout, elevating the price from $3000 to $3,600 in a single day. Therefore, similar signals are flashing with the possibility of a breakout. Hence, a rise from the current consolidation may elevate the levels close to the $3000 range.
