The cryptocurrency market is back with a robust strength on Monday, somehow giving way for an optimistic condition to regain control of the trend. Having persevered once again above $355 during the weekend, Ethereum (ETH/USD) snaps a 5-days recovery momentum, as the token battles to hit $400 amid low trading volume across the crypto board. Ethereum hits a wall near $370, giving way for consolidation above crucial support levels. After surpassing the $355 hurdle, bulls eye $400 on ETH/USD as upside momentum builds. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $41.04 billion and $12.62 billion in trade volume over the past 24 hours. At the time of writing, ETH is trading at $362 amid a sideways trend, as highlighted by the RSI. Nearly 2 million test ethers (ETH) are now validating the Ethereum 2.0 Medalla test net. Active validators have risen above 63 percent to over 62,000, in the last 1 month.
*Ethereum hits a wall near $370, giving way for consolidation above crucial support levels
*After surpassing the $355 hurdle, bulls eye $400 on ETH/USD as upside momentum builds
*Nearly 2 million test ethers (ETH) are now validating the Ethereum 2.0 Medalla test net
Key Levels
Resistance Levels: $400, $390, $370
Support Levels: $335, $310, $288
ETH/USD Daily Chart: Ranging
ETH/USD Daily Chart
Ethereum bounced up from the $355 support line this Monday and has gone up to $368 during the day. The price is currently negotiating with the horizontal resistance at the $370 level as it consolidates within the MA 50 and the ascending trendline support from March 2020. The RSI shows that market momentum is in a sideways trend and about to reverse from bearish to bullish.
ETH bulls must take down the hurdle at $370 as soon as possible to open the way for gains heading to $400. However, more resistance is envisaged at $385, the MA 50 region on the daily chart, and the key $400. As the bands begin to squeeze, volatility will start to mount ahead of a breakout as the range shows that Ethereum is in the bulls hands.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
Ethereum has an improving short-term outlook as the recovery from last week’s sharp decline towards the $310.00 area gathers pace. Technical analysis on the lower time frames shows that an inverted head and shoulders pattern has now formed. According to the overall size of the reversal pattern, the ETH/USD pair could be preparing to advance towards the $390.00 level.
ETH is indeed nurturing a bullish momentum towards $400. The technical analysis highlighted resistance at $370. However, the ETH/USD pair is only bullish while trading above the $355 level, key resistance is found at the $370 and the $390 levels. If the ETH/USD pair trades below the $355, sellers may test the $335 and $310 support levels.
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