The largest altcoin by market cap, Ether (ETH), has been adding a lot to its price overnight and today, the altcoin is up by around 7%. Many people wonder what is Ethereum showing with this move but the truth is that the cryptocurrency smashes key resistance and the technicals indicate a fresh new rally to $288.
The ETH news also show that the price is gaining pace and could rise further above $270 and $275. Yesterday highlighted a major bearish trend line which was breached with resistance near $262 on the hourly chart of ETH/USD.
Meanwhile, the Bitcoin price is slowly recovering as well and could test the $9,800 and $10,000 resistance levels. What is Ethereum showing with this new rise is simply the ability that it can move higher even after a downfall.
As soon as the ETH price settled above the $260 level and the 100 hourly simple moving average, we saw ETH consolidating and being in the middle from the downside correction from a $289 high to a $236 low.
It seems like bulls are preparing for a push above the $272 and $275 levels. In this mentioned case, the price of Ethereum (ETH) is likely to rise strongly towards the $280 and $285 levels. The main hurdle on the upside is near the $288 and $289 area, above which there are many chances of a strong rise towards the $300 and $305 levels which are the goal for many analysts now.
Anyways, what is Ethereum showing now is a swift move and a solid price which can continue above the $275 resistance and correct a few points. An initial support is also near the $264 level and the 100 hourly SMA.
Therefore, if Ethereum fails to stay above the 100 hourly SMA, the bulls are very likely to struggle to protect the $260 support. In this mentioned case, the price may also correct towards the $255 support area.
The technical indicators for ETH in the crypto news today are as following:
- Hourly MACD – The MACD for ETH/USD is now back in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.
- Major Support Level – $262
- Major Resistance Level – $275
The total market capitalization is at $285 which is good as it slowly tries to regain the $300 billion levels.
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