ETH Explodes 40% in Two Days, Here’s the Next Target (Ethereum Price Analysis)

ETH is on a tear in the past couple of days, surging by as much as 40% in 48 hours. The cryptocurrency charted a monthly high following a massive increase in the past hours.

Technical Analysis

Technical Analysis By Grizzly

The Daily Chart

The bulls finally broke above the solid resistance at $1280 on the fourth hit. The best course of action for the buyers right now would be to consolidate the price abvoe the resistance zone between $1280 and $1500. Developers confirmed that the ETH 2.0 Merge is on track to happen in September based on a soft schedule. This has been perceived very well by the market.

However, keeping the price above the support zone at $880-$1000 is also very important. If ETH goes below it, a new bearish structure will be formed, with the potential of sending the price towards much lower.

Key Support Levels: $1000 & $880
Key Resistance Levels: $1280 & $1500

Source: TradingView

Daily Moving Averages:
MA20: $1144
MA50: $1348
MA100: $1967
MA200: $2477

The 4-Hour Chart

Source: TradingView

Aganst Bitcoin, the dynamic resistance line (in yellow) finally broke to the upside. ETH is currently struggling with the resistance zone at 0.066-0.069 BTC (in red). If the buyers manage to push the price above this area, the bearish trend reversal will be confirmed in the short term. Of course, the long upper shadow indicates much volatility in this area.