Ethereum price rises to new multi-month high after Ripple court ruling

Ethereum price rises to new multi-month high after Ripple court ruling

Ethereum (ETH) recorded a price increase of almost 8 percent following the positive court ruling for Ripple (XRP). The Ether price reached a new multi-month high of $2,031 and was able to stop the previous consolidation. The bulls were successful in preventing a fall back below key support. In addition, there are more Ether coins in staking than on crypto exchanges, which underlines the interest in Ethereum.

The bulls turned things around in time and remain dominant. If the Ether price remains sustainably above $1,995 and exceeds the last high of $2,019, the upward movement towards $2,072 could continue. A break above this resistance would alert investors to the blue resistance zone around the yearly high.

Another key resistance lies between $2,115 and $2,160. Should Ethereum break through this area, upside potential opens up to the medium-term target zone between $2,305 and $2,348. This is also the breaking point of the previous sell-off in May 2022, which represents strong resistance. A bottom around $2,150 and a break above $2,346 could take Ether price further towards $2,459.

Bitcoin's positive price breakout above $32,400 to $32,900 would also continue to give Ethereum a boost. Above $2,459, the Ether price could rise to the overall target range between $2,694 and $2,815 with intermediate stops at $2,543.

On the other hand, the bears face the challenge of initiating a fallback below the support at $1,957. Even a break below $1,933 would see buyers at the next support at $1,901. Only a break of the EMA50 in the area of ​​yesterday's low of 1,864 US dollars would offer real opportunities for a correction to extend.

Another critical area is at $1,827, where the supertrend and a horizontal support zone are located. A drop in the Ether price would be likely here. The red zone represents an important make-or-break area. A fall below it would further cloud the chart picture and lead the Ether price towards $1,715. A further sell-off could take the price to the orange support zone at $1,651 to $1,629.

The technical indicators show positive signals on a daily and weekly basis. The daily RSI has generated a buy signal and offers room for further price increases. The MACD indicator also supports the bullish view. On a weekly basis, both indicators have also generated buy signals and leave room for further price gains in the coming weeks.

These price forecasts do not represent buy or sell recommendations, but are merely analyst estimates. The USD/EUR rate at the time of going to press was 0.89 euros.