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- ETH extended its bullish rally to break the $1,619 resistance.
- Network-wide accumulation could lead to more profits in the short term.
Ethereum [ETH] took its bullish rally one level higher by reversing the $1,619 level for support. This extended the gains from the bullish reversal from the $1,550 support level to 5.7%.
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Bitcoin [BTC] Reaching the $30,000 mark could spur the ETH bulls to take more profits, while the indicators on the chart are flashing bullish signals.
Can a Bullish Rally Take ETH to $1,700?
Source: ETH/USDT on trading view
The strong bullish defense at the USD 1,550 support level provided buyers with a good entry point for the recent price rally. Along with the bullish sentiment in the markets, ETH has recovered $1,619 after a previous rejection at the October 16 level.
The long-term target for bulls is in the $1,700 price zone, but buyers will have to clear the $1,680 hurdle in the short term. At the time of writing, the chart indicators were bullish.
The Relative Strength Index (RSI) highlighted strong buying pressure with a reading of 61. The Chaikin Money Flow (CMF) also remained above zero, indicating decent capital inflows. This reinforced the bullish belief in spot market demand for ETH.
As such, bulls have a long 3% opportunity from the press time price ($1,634) to the $1,680 price zone. If the bulls successfully climb this hurdle, the $1,700 target could be reached.
On the other hand, a price rejection at $1,680 could cause the bullish rally to lose momentum, leading to a pullback to the $1,619 support level.
ETH whales are piling up
Source: Santiment
Read Ethereum [ETH] Price forecast 2023-24
According to Santimentthe average coin age (90d) was emerging at the time of writing. This indicated that investors were accumulating more tokens, which could lead to a further price increase.
In addition, supply on the stock exchanges fell, indicating an easing of selling pressure. Together, ETH bulls can expect to post more gains in the near term as they prepare to extend the bullish rally towards $1,700.