- Ethereum price has rallied 25% over the weekend.
- Ethereum prints consecutive bullish engulfing sticks on the 8-hour chart.
- Invalidation of the bullish uptrend to come from a breach at $1,304.
Ethereum price shows strong technicals hinting that the bull run may just be getting started.
Ethereum price targets $1,850
Ethereum price has blown past sleeping bulls. The bull run that crypto traders have been hoping for is currently underway as the decentralized smart token is up 25% since Friday’s trading session settled at $1,193. Additionally Ethereum price has now risen 45% since the July 13 shakeout occured into a low of $973.
Ethereum price currently trades at $1,478. The bulls are signaling a strong retaliation against the bear’s year-long suppression. ETH price has tagged a significant target level at $1,450 and will likely continue rising towards $1,550 if the bears cannot slow down the bullish momentum.
ETH/USDT 8-Hour Chart
Furthermore the bears will have significant trouble putting an end to the bullish mayhem as the technicals show consecutive engulfing candles on the 8-hour chart. A failure to provide a bearish rejection at the current price levels will kick off an additional 25% rally toward $1,850.
Traders who partook in last week’s bullish knife-catching trade setup are in profit 35%. Invalidation for bulls looking to enter the market would come about at $1,304. If the bears breach this level they may be able to decline towards $970 resulting in a 45% decrease from the current Ethereum price.