Ethereum Leads Crypto Rebound, ETH Price Heads For $1,500

The crypto marketplace is yet showing alleviation aft days successful consolidation mode; Ethereum is starring the marketplace with important nett connected little timeframes. The 2nd crypto by marketplace capitalization is reclaiming its presumption arsenic a marketplace leader. The past clip ETH’s terms displayed this terms enactment was successful September earlier “The Merge.” 

At the clip of writing, Ethereum trades astatine $1,460 with a 10% nett successful the past 24 hours and 7 days, respectively. In the crypto apical 10 by marketplace cap, different cryptocurrencies are pursuing ETH and trading successful the greenish for the archetypal clip successful weeks. 

ETH’s terms is rallying connected the 4-hour chart. Source: ETHUSDT Tradingview

What Is Driving Ethereum Higher?

The crypto marketplace rebound is driven by a diminution successful the U.S. Dollar, arsenic measured by the DXY Index. The currency was astatine a two-decade precocious owed to existent macroeconomic conditions, but astatine 114, it was yet rejected.

Over the past weeks, the DXY was trending higher, pushing different assets into support, including macro assets considered harmless havens, specified arsenic gold. In particular, the currencies of U.S. allies, Japan, the United Kingdom, and the European Union, suffered during this dollar rally. 

DXY breaking down connected the regular chart. Source: Justin Bennett via Twitter

The United States was facing unit from its allies to alleviate the accent connected their economies. Three weeks ago, the United Nations (UN) called connected the U.S. Federal Reserve (Fed) to displacement its monetary argumentation and halt involvement complaint hikes. 

Since then, immoderate Fed representatives hinted astatine a perchance little assertive monetary policy, which mightiness person triggered weakness successful the DXY Index. The illustration supra shows that the currency broke its bullish trendline and mightiness beryllium gearing up to re-test enactment astir 109. 

This diminution mightiness let Ethereum to widen its bullish momentum and reclaim the country northbound of $1,500. Data from probe steadfast Santiment, the bullish momentum spilled to different plus classes. Via Twitter, the steadfast wrote: 

Ethereum has surged to $1,415 connected a breakout Tuesday for #crypto. The Dollar worth has dropped reasonably notably today, and its maturation coming to an extremity (or astatine slightest a pause) would beryllium a cardinal constituent to the adjacent breakout of cryptocurrency marketplace caps.

Flippening In The Making

The upside determination is turning marketplace sentiment much optimistic. Some experts expect the bullish momentum to extend, with Bitcoin and Ethereum facing important absorption levels astatine $20,500 and $1,500, respectively. 

Economist Michaël van de Poppe made a bullish prediction for Ethereum. The experts counsel traders not to pursuit the existent determination astatine little timeframes. 

If bulls person conviction, the terms enactment is poised to re-test erstwhile levels earlier reclaiming mislaid territory northbound of $1,500. Late longs mightiness endure successful this process. 

For the agelong haul, van de Poppe predicted: 

Ethereum cracked a ton of levels with this monolithic move. Great flip of $1,320 inducing continuation towards $1,500. Ethereum volition flip Bitcoin this cycle, but present it’s not the clip to chase. Looking for immoderate steadfast corrections to play the adjacent determination to $1,600.