With Developments Involving Silicon Valley Bank And USDC, Bulls Attempt To Hit $1,700
As the past week began, it was full of downward movement for Ethereum (ETH). The trend had become bearish for the asset and the investors were not happy to see ETH move in a downward direction.
Weekend Turned Bullish
With the weekdays facing a downtrend for ETH, the investors were not anticipating any bullish movement from the asset over the weekend.
Surprisingly, the situation changed as the bulls turned the tables as the weekend began. At the beginning of Saturday, the entire ETH market saw how the bulls had rallied to support the upward movement of the asset.
Within a matter of 24-hours, the buyers had managed to achieve an almost 4% rally that shocked the entire crypto market.
Given the general market downtrend and the sentiments of the investors, no one had thought that the trading price of ETH or any asset would experience a surge.
However, ETH experienced a surge and the rally did not stop there as it stepped into Sunday with an even stronger rally.
As the bulls were able to push ETH’s price higher on Saturday, it boosted their morale, as they wanted to go for stronger gains.
This resulted in pushing the trading price of the asset to higher levels. On Sunday, the trading price of the asset had been pushed up by 7.28%.
Following the strong rallies, the trading price of the asset had been pushed to a high of $1,592. Prior to the rally, the asset’s price had fallen below the $1,500 mark.
Having revisited the strong bearish level, the asset rebounded and came close to hitting the $1,600 mark. It was for the first time since March 3 that ETH was going to revisit the $1,600 mark.
ETH Broke through the Resistance Levels
With the developments that have taken place in the market, investors were concerned about the future of ETH.
However, ETH put up a great show as it demonstrated strong gains backed by the strong buying sentiments of the buyers.
Even the latest session has proven to be very exciting for the entire crypto market. The report shows that the asset has managed to breach several resistance levels in a matter of a few hours.
Prior to the strong push, the trading value of ETH had fallen to a low of $1,460. This was a very low level for the asset and many thought it may not recover from the fall that easily.
Surprisingly, the bulls pushed the trend with their strong buying sentiments. They steered the trend in their favor with strong buying, which stopped ETH from hitting a low of $1,434, a major support level.
With the strong push, ETH’s price was able to rebound. In a matter of a few hours, it surged past the $1,516 mark, which is the first strong support level.
The second attempt that the bulls made was to clear through the second resistance of $1,549, and they did that with success. Then they went for another major push and finally, they not only pushed through $1,592 but also breached the $1,612.
ETH to Hit a High of $1,700
Due to the latest announcement by Circle (issuer of USDC), the investors’ confidence has been rejuvenated. Investors have increased their support for ETH, which has started to push the trading price of ETH.
With strong spirits, the investors may continue supporting the strongest buyers out there. Backed by the strong sentiments, the bulls may be able to hit and cross the $1,700 mark.
Announcement by USDC
Although the Silicon Valley Bank had raised many concerns related to USDC, Circle has provided enough clarity that the crypto market is no longer afraid.
The investors are confident that Circle making claims of recovering USDC’s price to the $1.00 peg will be fulfilled. Therefore, they have started to reinvest in the crypto market, thus, the strong push for ETH.