Ethereum On Verge Of Breakout: Could $1800 Be Next Target?

• Ethereum’s price is on the verge of breaking out from a significant resistance level after testing it for quite a while.
• The key $1300 resistance level is the first obstacle to overcome in order for a new bullish phase to begin.
• If the price is able to break out and surpass the 200-day moving average of $1400, the next target could be the $1800 level.

Ethereum has been on a roller-coaster ride over the past few weeks, as its price has fluctuated between the $1000 and $1300 levels. After testing the $1300 resistance level for quite a while, the cryptocurrency is now on the verge of breaking out from this significant obstacle. If the price is able to break out and surpass the 200-day moving average of $1400, the next target could be the $1800 level.

The daily timeframe shows that the price is attempting to break out from the $1300 resistance level, and if it succeeds, the 200-day moving average will be the first obstacle to overcome in order for a new bullish phase to begin. The 200-day moving average is considered a benchmark used to indicate whether the market is in a bullish or bearish trend, and a breakout above it could potentially lead to a mid-term bullish rally.

In addition to the technical analysis, fundamental factors could also play a role in determining the price of Ethereum. The high demand for Ethereum-based DeFi products and the increasing interest in Ethereum-based tokens could potentially lead to an increase in the price. Furthermore, the recent increase in the number of institutional investors and large corporations investing in Ethereum could also lead to a price increase in the short-term.

It remains to be seen if Ethereum will be able to break out from the $1300 resistance level and surpass the 200-day moving average. If it succeeds, the next target could be the $1800 level, which could potentially lead to a mid-term bullish rally. However, there are still some obstacles for the price to overcome in order for a new bullish phase to begin, so it is important to keep an eye on the technical and fundamental factors that could influence the price of Ethereum over the coming weeks.