Highlights
Cryptocurrencies are trading broadly higher on Monday. Ethereum (ETH) climbed for the 9th day in a row to reach record highs of $3,303. Ranking second-largest with a present market cap of $366 billion, Ethereum is swiftly overtaking corporations such as The Walt Disney Company and Bank of America in terms of market valuation. Ethereum presently trades at $3,287, up 11.50% in the last 24 hours and 30.30% weekly. Ethereum’s recent surge to record highs past $3000 saw Bitcoin’s market dominance declined to lows last seen since August 2018. This has led to instances of further growth predicted on Ethereum and Altcoins. Bitcoin market dominance declined to 47.0% as of press time while that of Ethereum increased to 16.4%.
Key Levels
Resistance Levels: $4,000, $3,700, $3,500
Support Levels: $2,855, $2,650, $2,450
ETH/USD Daily ChartEthereum is climbing to new record highs of $3,303 reached after a nearly 11.50% rally on Monday. Ethereum price continues to post nine consecutive green days while the soaring moving averages and the RSI near the overbought levels support the bullish outlook. Surpassing the all-time high, ETH price could enter uncharted levels such as the nearby $3,500 level, the $3,700 and $4000 barriers.
However, in the scenario of a price decline, immediate support could be found near the previous high level of $2,955. Then, if ETH price falls below that price, support could be found at $2,855 and $2,305, ahead of the MA 50 at $2,154. The MA 50 support and the $2000 psychological level provide solid barriers which should ideally contain and keep bulls intact.
ETH/USD 4-Hour ChartThe ETH/USD pair remains in an uptrend, climbing to fresh highs over consecutive 4-hour sessions. The outlook remains strongly bullish with ETH price holding well above all the moving averages 50 and 200. On the upside, the next level beyond the $3,303 record highs could come from the uncharted psychological levels of $3,500 and $4000. Alternatively, a fall underneath the immediate support at $3088 could hit the $2,930 and the $2,800 mark.
A penetration of this level could change the outlook to neutral, meeting the 4 hour MA 50 currently at $2,746. A dive below the MA 50 could meet the $2,551 support and the MA 200 at $2,331. To summarize, the ETH/USD pair will likely keep rising, however, a short pullback cannot be ruled out due to profit-taking.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
