Ethereum went from $1,300 to $1,595 in less than a week and is attracting heavy bullish sentiments in the indices. The Altcoin breached its resistance levels of $1,500, briefly testing the $1,600 mark on Tuesday. The overall crypto market cap reclaimed the $1 trillion mark as Bitcoin saw an inflow of more than $70 billion. The inflows come from both retail and institutional investors as the ‘Fear & Greed Index‘ came out of ‘Fear’ for the first time in nine months.
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Ethereum Price Prediction: ETH To Reach $1,800 Next?
Ethereum price triggered a strong increase at the $1,450 level where it found resistance and got a breakthrough catapulting to $1,500. ETH cleared its resistance zone at $1,500 surpassing $1,550 on Tuesday after spiking nearly 5% within hours.
However, ETH faced resistance near the $1,600 zone before briefly retracing in price during the day’s trade. Nonetheless, the ETH chart shows that a swing high is formed at $1,606 levels with a low of $1,520.
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Ether’s price is now trading above the swing low of $1,520 and is hovering around the $1,570 mark. A key bullish trend line is forming at $1,550 levels and ETH seems to be consolidating in price. An upside from here could take Ethereum to $1,620 levels before finding another resistance zone.
If ETH manages to break the resistance of $1,620 and move further, its next leg could be at $1,700. Therefore, further gains from hereon might move ETH from $1,750 to $1,800 during the ongoing rally.
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At press time, Ethereum was trading at $1,565 and is up 2.6% in the 24 hours day trade. ETH is down 67.9% from its all-time high of $4,878, which it reached in November 2021.