Ethereum is ON FIRE! Up 11% in the past 7 days, will the Trend Continue?

After a break in its uptrend, Ethereum started consolidating. This was met with mixed feelings, as some traders feared a break in the USD 1,800 price level. Other traders managed to benefit from this price-action and placed buy orders around that USD 1,800 area. Today, those traders have a big smile on their faces, as Ether’s price crossed the USD 2,000 price mark and is set to go higher. Should you Buy Ethereum today?

Ethereum Price DID Lose its Momentum

Despite the recent crash that hit the entire cryptocurrency market, Ether was still considered on an uptrend. Its prices simply adjusted back to the average uptrend momentum. But in June 2021, prices failed to continue on their uptrend and fell towards the strong support of USD 1,800. In figure 1, we clearly see where prices broke out from their uptrend channel.

ETH/USD 1-Day chart showing a break in the uptrend. Buy Ethereum?
Fig.1 ETH/USD 1-Day chart showing a break in the uptrend – TradingView

Today, prices of Ether are consolidating between the strong yellow support of USD 1,780 and USD 2,330. This is a good opportunity to day trade and turn into active traders.

Ethereum Price Prediction – Will Ether Climb Higher?

As stated previously, we can confirm a day trading zone for Ether. Currently, prices are consolidating, which is usually a good sign. This consolidation usually signals an upcoming price boom topped with low trading volumes. Two trade setups are currently present:

Trade setup #1

This setup is for the short-term and consists of buying Ether at the current price of USD 2,130. Since the first target was hit, traders can opt for target #2 clearly visible in figure 2 below, which is around USD 2,400. A sensible stop-loss would be around USD 2,050 (depends on your risk appetite).

ETH/USD 2-Hours chart showing the second price target for Ether
Fig.2 ETH/USD 2-Hours chart showing the second price target for Ether – TradingView

Trade setup #2

This one is a longer setup and would require several days to reach. It consists of either waiting for a small adjustment lower or directly buying at today’s price of USD 2,130. The target profit-taking level is around USD 2,800 as prices previously retraced several times from this level as shown in figure 3. Of course, placing a stop-loss level of USD 1,900 is a good idea in case prices went lower. This way, traders can catch lower prices,

ETH/USD 4-Hours chart showing a longer timeframe trade setup
Fig.3 ETH/USD 4-Hours chart showing a longer timeframe trade setup – TradingView

Happy Trading!
Rudy Fares

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