Ethereum price is on a rebound after the plunge observed across the crypto market on Monday. The altcoin is up by 7.84% while Bitcoin has surged by about 9.13% from Tuesday’s intraday low. Other altcoins have exhibited a similar trend with Dogecoin and Ripple rising by 6.05% and 4.95% respectively.
Notably, the improved risk sentiment has helped boost crypto prices. The fear & greed index, which tracks the emotion driving the market, is currently at 26. While it is still on the fear side of the spectrum, it is an improvement from last week’s extreme fear level of 20.
ETHUSD technical outlook
Ethereum price has continued on its rebound after plunging at the beginning of the week. On Monday, the second-largest cryptocurrency by market capitalization dropped from an intraday high of 2,438.36 to a low of 2,152.00 earlier on Tuesday. Notably, Monday’s peak was its highest level since mid-June.
At the time of writing, Ethereum price was down by 0.44% at 2,290.52. Since Tuesday’s low, it has risen by about 7.84%. Notably, it is about 2.57% higher than where it was at the beginning of the current month. However, it is still about 52.06% lower than its record-high in mid-May. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, I expect Ethereum price to rise further as the bulls in the market target the resistance level at 2,400. However, to reach and exceed that level, there has to be enough momentum to push past the resistance at 2,373.28.
If that happens, the path will be clear for the bulls to retest Monday’s high of 2,438.36. On the flip side, a move below the current support level at 2,300 will place the next target at the psychological level of 2,200 and Monday’s low of 2,152.