Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- ETH extended its bullish rally to cross the $1,619 resistance.
- Network-wide accumulation could spur more gains in the short term.
Ethereum [ETH] took its bullish rally a level higher by flipping the $1,619 level to support. This extended the gains of the bullish reversal from the $1,550 support level to 5.7%.
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Bitcoin [BTC] hitting the $30k mark could spur ETH bulls to push for more gains with the on-chart indicators flashing bullish signals.
Can bullish rally take ETH to $1,700?
Source: ETH/USDT on Trading View
The strong bullish defense at the $1,550 support level provided buyers with a good entry point for the recent price rally. Along with the bullish sentiment in the markets, ETH reclaimed $1,619 after a previous rejection at the level on 16 October.
The long-term target for bulls lies at the $1,700 price zone, but buyers will need to clear the $1,680 hurdle in the short term. As of press time, the chart indicators were bullish.
The Relative Strength Index (RSI) highlighted the strong buying pressure with a reading of 61. Likewise, the Chaikin Money Flow (CMF) stayed above the zero mark, which hinted at decent capital inflows. This strengthened the bullish conviction of Spot market demand for ETH.
As such, bulls have a 3% long opportunity from the press time price ($1,634) to the $1,680 price zone. If bulls scale this hurdle successfully, the $1,700 target can be achieved.
On the other hand, a price rejection at $1,680 could see the bullish rally lose momentum, leading to a pullback to the $1,619 support level.
ETH whales are accumulating
Source: Santiment
Read Ethereum [ETH] Price Prediction 2023-24
According to Santiment, the Mean Coin Age (90d) was on the rise at press time. This hinted that investors were accumulating more tokens, which could lead to a further price increase.
Additionally, the Supply on Exchanges declined, which hinted at an easing of the selling pressure. Together, ETH bulls can expect to register more gains in the short term while preparing to extend the bullish rally to $1,700.