Breakout on ETH/USD Past $1,500 High Amid WSB Buzz and Grayscale Reopening of Ethereum Trust
Ethereum Is Exchanging Hands at $1,515 After Extending Its Bullish Leg Higher From Prior’s Day Low of $1,271
The crypto market is mostly in green as BTC is up at $35k. After hitting highs of $1,477 on Jan. 25, Ethereum (ETH) price was shaken down to $1,206 on Jan. 27. After a brief consolidation, breakout erupts on ETH/USD past $1,500 high, surpassing the previous record price of $1,477 marked in January. Following the price action, the largest Altcoin is up 12.52% in the last 24 hours and 12.06 % weekly. Ranking 2nd largest by market cap, Ethereum’s market valuation now stands at $171 billion with a trading volume of $40.4 billion in the past 24 hours. At the time of writing, Ethereum is exchanging hands at $1,515 after extending its bullish leg higher from the prior’s day low of $1,271. ETH’s latest leg higher came amid WSB (Reddit forum r/WallStreetBets) trading buzz and Grayscale reopening of Ethereum Trust. Ryan Selkis, Messari stated that the door for mass adoption of Ethereum and DeFi has been flung open amid the WSB buzz. After Grayscale Ethereum Trust closed its doors in late December, the company has announced the reopening of the trust to accredited investors.
*After a brief consolidation, breakout erupts on ETH/USD past $1,500 high
*Ethereum is exchanging hands at $1,515 after extending its bullish leg higher from prior’s day low of $1,271
*ETH latest leg higher came amid WSB (Reddit forum r/WallStreetBets) trading buzz and Grayscale Reopening of Ethereum Trust
Key Levels
Resistance Levels: $2,000, $1,750, $1,550
Support Levels: $1,350, $1,200, $905
ETH/USD Daily Chart: Bullish
Ethereum marked two consecutive days in the green to set fresh highs past $1,500 on Feb.2. The next point of call in the uptrend would be $1,675 once the bulls can sustain a push past $1,500. In the event of an extended breakout, Ethereum could test key levels at $1,750 and ultimately $2,000.
On the contrary, if the ETH/USD pair turns down from the current levels and the bears sink the price below the ascending trendline ($1,300 range), the selling pressure could intensify. This may result in a possible decline to the MA 50 at $1,026 and then to the key support at $905.
ETH/USD 4-Hour Chart: Bullish
Ethereum price climbed higher on Feb.1, flipping the MA 50 into support. Ethereum price is on a leg higher as bulls aim for $2,000. Ethereum price has entered discovery mode which means it faces no ‘real’ resistance ahead. However, resistance is envisaged at $1,750 before a climb to $2,000. On the flip side, failure to avoid a fall through the MA 50 support at $1,344 may bring a retest of the support located along the ascending trend line at $1,318 into play.
Barring an extended sell-off, Ethereum should avoid a fall below the MA 200 support at the $1,200 mark. In this scenario, a possible decline to sub-$1,000 levels may be on the cards. The ETH/USD pair is only bullish while trading above $1,350, key resistance is found at the $1,550 and $1,750 levels.
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