Ethereum price prediction: The price has rallied above $1,600
Ethereum price prediction: The price has rallied above $1,600
The price of the second most capitalized cryptocurrency continues its bullish trend this week, trading above $1,600 despite massive whale transfers of over $60 million. However, Ethereum has struggled to overcome resistance at $1,660.
Ethereum's price held strong despite concerns over large transactions of the leading token on exchanges. After a 3% rise last week, ETH is trading at $1,636.26.
The cryptoasset also twice tried to rise above $1,660 but failed to overcome the resistance, as a result of which the maximum was formed at $1,659, and the price corrected slightly to the level of $1,630. The price fell below the 50% Fibonacci retracement level of the recent rise to the $1,660 high.
The cryptocurrency market is generally positive, with Bitcoin up 4.5% for the week to the level of $27,058. Investors are awaiting the Federal Open Market Committee's (FOMC) September monetary policy decision.
Also, the crypto market has been fairly resistant to interest rate hikes in recent months, so it is likely to maintain a positive outlook regardless of the outcome of the FOMC meeting.
Bulls on Ethereum face an important resistance level between $1,650 and $1,700. If it is successfully breached and held, the price will settle at $1,800 and trigger a buying spurt due to the improved market structure for profits above $2,000.
Read also: U.S. regulator removes XRP from green list.
