Ethereum Guns $1,900 As ETH Recovers 10% From Latest Drop

Ethereum market activity remains bullish and the easing of the Ethereum bull market is good news for investors. Investors are optimistic about the potential impact of his merge, one of the biggest events in the crypto world.

Recent figures show that the ETH price has settled in the $1,614-$1,679 range. This is a significant increase compared to previous analysis that suggested the cryptocurrency traded between $1,595 and $1,655.

A break above the aforementioned levels on the hourly chart could indicate strong bullish momentum and push the price to $1,800. Market watchers predicted that the Ethereum market bulls will attempt to recapture his $1,950 high reached on August 17th.

Chart: TradingView.com

Ethereum (ETH) Stable at $1,700

At the time of writing, $1,670 is acting as a strong barrier and $1,612 is reacting as a solid trench. Either way, prices seem to be holding him steady around $1,700.

ETH’s Relative Strength Index is also very healthy right now. Placed almost in the middle of the game. In other words, the coin is neither overbought nor oversold right now. Given this, investors may be feeling optimistic.

This price action is currently positive. A sudden drop occurred on Sept. 7, but the bulls were able to block the bears’ attempts to drive the price lower.
Since the aforementioned drop, ETH’s price has skyrocketed, surpassing the previous cap of $1,611.

Similarly, Ethereum’s CCI numbers are skyrocketing. At the time of writing, ETH has a CCI of 349. A very strong buy signal for both traders and investors.

Bulls have $1,900 in crosshairs

Moreover, previous analysis placed the bulls’ most likely target in the $1,900 range. With the availability of real-time data, ETH’s upward momentum gained even more momentum, breaking the $1,675 cap.

If this optimistic momentum continues, the June and July plunges will become a footnote in ETH history.

The bulls may have succeeded in pushing the price higher and maintaining momentum. However, as demonstrated by any market, market performance is highly speculative. This recent performance could portend an even bigger drop.

As the market bulls continue to rise, it may be the only one that will keep investors and traders going for the long term.

ETH total market cap at $208 billion on the daily chart | Source: TradingView.comFeatured image from Coinpedia, chart from TradingView.com