2021 has started impressively for the crypto market. BTC price hit record highs of $34,800 and Ethereum price finally tagged along blasting through $1,000. Ethereum had a massive rally in just 48 hours to hit highs of $1,168, a level that was last seen in January 2018. Although still down around 43% from the record price of $1,433 observed in January 2017, the second-largest asset is on fire, gaining 13.98% on the daily and 40.42% weekly. After 3 consecutive days of trading in the green, bulls sustain a move on ETH/USD past $1160. Ethereum’s total market cap now stands at $118 billion with a trading volume of $59.5 billion in the past 24 hours. At the time of writing, Ethereum is exchanging hands at $1,007, though dipped as low as $886 in the day. Amid massive price rally, Ethereum Co-founder, Vitalik Buterin reveals ‘Underrated’ crypto bull case. Stating in a recent 2020 summary blog post, he highlighted the younger generation idealogy on a $9 trillion gold market cap as ‘lame’. Repeated surveys also indicated younger people are far more inclined to buy Ethereum and other cryptos than older groups.
*Ethereum had a massive rally in just 48 hours to hit highs of $1,168
*At the time of writing, Ethereum is exchanging hands at $1,007
*Ethereum Co-founder, Vitalik Buterin reveals ‘Underrated’ crypto bull case
Resistance Levels: $1,433, $1,290, $1,168
Support Levels: $885, $750, $680
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Ethereum (ETH) took off on Jan.3 from lows of $770 and followed it up with another strong up-move to reach highs of $1,168. The upsloping moving averages and the RSI in the overbought territory suggest that the bulls are in command. Barring an extended crypto rally, the first major resistance level sits at its recent high of $1,168.
After this, Ethereum could test resistance at $1,200 and then $1,290. Closing above the $1,000 price level is key to the ETH rally, the upward movement will be clear to the next level. Below the current price, the first support level is at $885, then the second at $800, and the third one at $750.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Ethereum briefly dipped to intraday lows of $885 before rebounding. The RSI dropped slightly from the overbought zone after the minor correction. The ETH/USD pair may consolidate briefly before the next major move. ETH/USD could resume a new rally with the target objective of its previous ATH at $1,433.
On the contrary, this bullish view will be invalidated if the pair turns down and breaks below the $885 support and the MA 50 at $785. Another major support level sits at $648 coinciding with the MA 200 close. The ETH/USD pair is only bullish while trading above the $800 mark, key resistance is found at the $1,168 and the $1,200 levels.
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