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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Why The Ethereum Price Could Rally Above $1,800 Before A Big Crash

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Ethereum Price

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The Ethereum price is following Bitcoin as the two largest cryptocurrencies by market capitalization trend to the upside. The market is currently facing low timeframe resisting, but the general sentiment seems to have flipped bullish across the board.

Related Reading: WATCH: Bitcoin Bottoms As Easy As Pi? | BTCUSD September 9, 2022

At the time of writing, Ethereum price trades at $1,700 with a 5% and 7% profit in the last 24 hours and 7 days, respectively. In the meantime, Bitcoin is outperforming with a 10% profit over the past trading session.

Ethereum price ETH ETHUSDT
ETH’s price with minor gains on the 4-hour chart. Source: ETHUSDT Tradingview

The Ethereum Rally That Could Precede A Clash?

As NewsBTC reported earlier, Bitcoin and the crypto market were coming in a major cluster of sell orders. Ask liquidity was trending upwards following the trajectory of the Ethereum price and other major cryptocurrencies.

The current price action seems to be a clash between bullish and bearish forces with the former taking control for the first time in weeks. For low timeframes, data from Material Indicators (MI) shows a total of over $60 million in buy orders from the different investors class.

However, the Ethereum price must remain above $1,6800 to maintain its current bullish momentum. In the coming week, the second crypto by market cap will go through a major event with “The Merge”. Below these levels, bid liquidity runs thin and could lead to retrace to previous support.

Ethereum ETH ETHUSDT MI 1
ETH’s price (blue line) facing short-term resistance on low timeframes. Source: Material Indicators

The event that will complete Ethereum’s transition from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus, “The Merge” is a highly anticipated event in the crypto market. Probably one of the main catalyzers for the current price action.

Many believe the Ethereum price will operate under a “buy the rumor, sell the news event”. This could potentially push the price of the cryptocurrency north of $1,800 and potentially $2,000 if bulls can sustain momentum.

What Will Happen To The Ethereum Price After “The Merge”?

According to analyst Justin Bennett, the price of Ethereum could rally above $1,800 if bulls can clear resistance between $1,740 and $1,780. This price action might take place after “The Merge” and depending on the strength of the move, a retest of the lows at around $1,500.

Related Reading: Bitcoin Stablecoin Supply Ratio Now Forms A “Buy” Signal

Bennett said the following on the current ETH’s price action:

(…) I have no position here. I’m not going to enter before the weekend, and I’d prefer to look for shorts on the next higher high next week. This is probably a brief pullback if anything.

Ethereum price ETH ETHUSDT
ETH’s price potential resistance and support levels. Source: Justin Bennett via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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