The price of Ethereum (ETH) exceeds $1,700, indicating a strong trend. And everybody was astounded.
Impressive, according to James Seyffart, a research analyst for Bloomberg Intelligence: "Ethereum basically sailed right through that barrier there."
Following the 0.75% interest rate increase by the Fed, the value of Bitcoin, Ethereum, and other cryptocurrencies has skyrocketed. It did have a positive domino effect on the cryptocurrency industry.
The only thing left for ETH to do now that it has accomplished the unthinkable is to keep up its momentum and exert as much effort as possible to retain its position above the $1,700 level.
More so, despite the U.S. economic downturn that the GDP report revealed, Nasdaq Composite stocks increased by 2.67% on Thursday. Since April 2020, this has been recognized as the Nasdaq's most recent record high.
Additionally, this is regarded as the largest rate increase for the Nasdaq since December 16, 2008, when Ben Bernanke, the former chairman of the Federal Reserve, reduced interest rates to almost zero in the midst of a severe financial crisis.
On July 22, analysts disclosed a few viewpoints regarding the likely knife catch or v-shape retracement and liquidation of ETH. The knife catch might happen between $1,300 and $1,350, or it could go to the $1,900 region after the downturn.
An upswing's invalidation has been lowered to $1,250 to allow for corrections and correctness. In fact, in order to feel more confident about trading ETH, analysts and professionals advise waiting for a breach that deviates from $1,460. And that just occurred.
On July 28, the first target zone was punched through. ETH traders are now making progress with the coin in terms of profitability. They followed the large fluctuations of ETH. The price of ETH was able to successfully confirm its bull run as it swings in the near term towards $1,900.
All ETH needs to do is maintain its current level and remain over $1,700 in order to reach the $2,000 mark. The next potential goal is the 2,000 level, with a $2,158 resistance area.