Ethereum Price: Ethereum Breaks $2,600, How Will This Rising Affect Altcoins?
Ethereum price proved to be in an uptrend by breaking the $2,400 level on the last trading day. Since June, Ethereum has given hope to investors in the negative market with this rise. This upward trend has positively affected altcoins when we examine the chronology. Today, Ethereum price is trading at $2,600.
Impact of Ethereum Price Rise on Cardano (ADA) and Uniswap (UNI)
We cannot pinpoint exactly the Ethereum price problem as it is with Bitcoin and causing them to drop sharply from their record price. However, the increase in gas prices gave investors some hope for Ethereum.
On April 15, after Berlin released its gas upgrade, gas prices rose to an average of $45. With this move, Berlin managed to be more effective in the short term. However, the investors opened the way for the London set they were waiting for.
ETH and BTC in the Last 11 Days
In the last 11 days, both Ethereum price and Bitcoin price have been on the rise. However, Etherum has come a long way from Bitcoin, rising almost 40% in these 11 days. Currently, Ethereum’s daily green candle closes is good news for investors. Also, the fact that Ethereum price can break the $2,600 level indicates that it is strengthening. The new resistance target is now $2,700 as it managed to break the 2,600 resistance. If it can break this level, we can see good days after a bad market.
So, What Effect Does ETH Have on Altcoins?
When we look at history, we see that the ETH rally has previously provided new opportunities for investors in altcoins to make profits. The analysis is the best way to see if the rise in the price of Ethereum is positively affecting some altcoins. As a result of these analyses, we may have proven that ETH has a positive effect on some altcoins. Uniswap and Cardano share a correlation of more than 0.85 with Ethereum. Therefore, it would make sense to examine these two altcoins.
In the last 10 days, the Ethereum price has risen every day. This consecutive rise indicates that it will rise more strongly. Although Cardano failed to break the risky resistance at $1.50, that doesn’t mean it won’t be able to break it soon.
Uniswap is far below what it should be compared to Cardano. Uniswap is still in an uptrend even though the strength index or RSI gives a sell signal for Uniswap. The reason for the rise here is most likely due to the green candles in the Ethereum price.
If Ethereum price can break the 2,700 resistance, it will be a very positive move for both investors with ETH in hand and investors waiting for action in altcoins. It will be fun to follow ETH’s movement in the coming days.
Ethereum Price Analysis
When we examine the ETH chart today, we see mostly positive signals. Ethereum has to buy signals from both short-term and long-term moving averages. On the downside, we see support at $2,343 and $2,130. If the Ethereum price falls below these levels, it is useful to sell your ETHs.
On top of the pivot low we took on July 20, 2021, the price has risen 41.89% so far. It may experience further increases until a new upper pivot.
Support Point and Stop-loss
Ethereum price has support at $2,460.68 from backlog volume. While testing the support, we expect an upside move and we think it can break the 2700 resistance. Therefore, this support can be a buying opportunity.
Ethereum price is overbought and at the top of the trend at RSI14. Normally this is a good opportunity in the short term. However, in some cases, overbought can slow the coin’s trajectory. The stop-loss recommended by analysts is $2,466.21. Overbought and 11 consecutive days of bullish signaling to the bottom.