Ethereum (ETH) price overshoots above $1,700 hinting a bullish momentum. And everyone was blown away. James Seyffart, Bloomberg Intelligence research analyst, was impressed: “Ethereum just flew right through resistance there.” Bitcoin, Ethereum, and other cryptocurrencies have soared following the Fed interest rate hike of 0.75%. It was indeed an optimistic kind of domino effect for the crypto space. Can ETH Stay Above $1,700? Now, that ETH was able to do the inconceivable, all that’s left for ETH to do is to maintain that momentum and do everything in its power to stay above the $1,700 line. More so, Nasdaq Composite stocks were also up by 2.67% on Thursday despite the U.S. economic slump revealed in the GDP report. This is regarded to be Nasdaq’s recent all-time high since April 2020. In addition, this is considered the biggest Nasdaq rate hike since December 16, 2008, wherein Ben Bernanke, Fed’s ex-chairman shaved off the interest to almost zero in the middle of a global financial crisis. Ethereum is set to showcase a bull run in line with the merge event happening in September. ETH price shows a forking movement sliced between the two impulse waves which may result in some problems with holding ETH. A possible retracement towards the $1,270 level remains a possibility. A breach on the $1,250 level can invalidate this recent rally. The weekly forecast on ETH price is validated as the second largest crypto made it through th...
