The price of Ethereum bounced back to $2K USD on Monday after a gain of 15% for one day in represents a very positive day considering what has happened to the markets in very recent history. This increased expectations regarding the latest rebound served as a signal for further upward moves on the basis of bullish momentum as well as technical perspectives.
The world’s second-most prominent virtual currency by market cap rose considerably in price before the London hard fork. The virtual currency’s gains appeared to be part of a general upsurge correction that began towards the end of Saturday. During that time, the bids for Ethereum to USD had plummeted as low as 1,717 USD. Prices that were deemed to be unthinkable just over a month back.
Later on Sunday, the pair happened to close the session at 1,984 USD. This was then succeeded by another spike upwards of 2K USD on Monday. This level was considered by traders to be a catalyst for greater bullish momentum in the market for Ethereum. According to private market analyst Research 25/7, Ethereum’s initial target was 2,045 USD, and that the virtual currency is currently on its “recovery wave”.
Market expert Edward “Teddy” Cleps, referring to his personalized EMA cloud, also pointed out a bullish phase for Ethereum. The cryptocurrency’s prices went higher, also maintaining its positive correlation with Bitcoin. Bulls took support from Bitcoin’s capability to maintain its upper side bias above a keenly monitored support level of 30K USD. The leading virtual currency surged to a daytime peak of 35K USD prior to the London session on Monday.
In the meantime, its latest upsurge caused other correlated virtual currencies to surge in tandem. These correlated assets also included Ethereum. Head of Asia Pacific at cryptocurrency exchange firm Luno, Vijay Ayyar, disclosed to Bloomberg that they currently see the 30K USD level on Bitcoin being “defended” with numerous tests at this level over the previous month.
