Bulls are finally making an entrant into the market and regaining full control of the price across the board. Bitcoin rises to new yearly highs while the rest of the crypto market follows. Amid Bitcoin’s recovery beyond $13,000, selected digital assets followed in its footsteps, adding credence to the bullish cycle. Ethereum has gained more than 6% in the last 24 hours as bullish pressure rips through the $400 barrier. ETH/USD started a strong rally above the $380 resistance trading to a new monthly high of $419.80 in the process. Ethereum (ETH) is presently climbing higher at $417. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $47.1 billion and $16.91 billion in trade volume over the past 24 hours. Ethereum Whales cart away token from exchanges as an on-chain data aggregator, Santiment revealed that the amount of ETH on the centralized exchanges fell by 20.5% in the past two months. This drop may signal that the whales are confident in ETH price momentum.
*Ethereum has gained more than 6% in the last 24 hours as bullish pressure rips through the $400 barrier
*ETH/USD started a strong rally above the $380 resistance trading to a new monthly high of $419 in the process.
*Ethereum Whales cart away token from Exchanges as on-chain data aggregator revealed that the amount of ETH on the centralized exchanges dropped by 20.5% in the last two months.
Resistance Levels: $500, $450, $420
Support Levels: $355, $335, $310
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
As observed on the daily charts, ETH is bullish after the entire market turned positive. Bulls are still in control of the uptrend as seen in the breach of the $400 barrier. A breakout above the critical level at $415 may most likely send ETH beyond $420. The RSI is also bullish and gaining strength, and it seems that ETH can at least climb to $450 once $420 is out of the way.
On top of that, there is a robust resistance level established above its yearly high tested in August at $500. Sellers’ influence beneath $400 can cause ETH to test the first major support at $390, followed by the support near the ascending trendline at $335.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Following a breakout from an inverse head and shoulders bottoming pattern buoyed by Bitcoin’s rally and Paypal news, Ethereum has been under buying pressure on the 4-hour timeframe. The ETH price has settled well above the MA 50 while it presently trades at $419.
Buyers focus on pushing the price higher amid the improving momentum. The ETH/USD pair is only bullish while exchanging beyond the $370 level, key resistance is found at the $440 and the $450 levels. If the ETH/USD pair stays beneath $370, the $355 and $335 support levels may be tested by sellers.
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