šEthereum rose nearly 6% today, and price rallied almost 100% from the July's low
Ethereum has rebounded sharply over the past month. The price of the second most popular cryptocurrency in the world has almost doubled from July's low. In this respect, Ethereum is performing slightly better than Bitcoin, which gained approx. 75% since the local low. Equally important, Ethereum and Bitcoin are currently testing the 61.8 Fibonacci retracement of the last downward correction, which means that the two most important cryptocurrencies in the world have recovered almost 2/3 of their losses. Bitcoin price broke today above 50,000 USD, while Ethereum is testing the level of 3,330 USD. Another potential target for bulls is located around 78.6 retracement around 3,770 USD. There have been forecasts from cryptocurrency market participants that Ethereum could hit around $ 4,900 by the end of this year. The positive sentiment in the cryptocurrency market is supported by the expectation that the Fed will not decide to reduce the cash flow in the form of the QE program. On the other hand, should there be a change in market sentiment, then the first target for sellers' is located around $ 3,000, which coincides with the lower limit of the consolidation zone that started on August 11.
Source: xStation5
