Ethereum (ETH) Price Hits $1,700 And Poised for Further Gains

• Ethereum price surges above $1,660 resistance level.
• The ETH price is now trading above $1,682.

The Ethereum price hit a new all-time high of $1,700 on Sunday, setting a new benchmark for the leading cryptocurrency. Therefore, signaling that ETH is poised for further upside. The landmark milestone was achieved as the Ethereum network continues to gain widespread adoption from institutions and retail investors alike.

Fueled by the growing demand for decentralized finance (DeFi) applications and non-fungible tokens (NFTs), traders are increasingly optimistic that Ethereum could soon eclipse Bitcoin as the world’s most valuable cryptocurrency.

Ethereum Price Shows Bullish Momentum

Ethereum is currently facing a major resistance level at $1,700. And if it fails to break through, it could initiate a downward correction. Moreover, the first point of support on the downside is close to the $1,665 level and an area that has seen previous swings in the market.  

Incase, the Ethereum fail to maintain this support level, the next major stop on its decline could be near the $1,620 zone. This corresponds to the 50% Fibonacci retracement level of its recent rally from $1,558 to $1,697.

 To note, if it breaks below this barrier too, then Ethereum’s price might drop as far as $1,590. Notably, if conditions get worse still, Ethereum could even test its last swing low of around $1,550 in the near term.

Furthermore, this bullish momentum looks set to remain for some time yet. And Ethereum could be poised for further gains, making it a potentially valuable asset for savvy investors to watch.