Ethereum has been one of the best performing major digital assets throughout the past week, with the bulk of its recent gains coming about over the past few days. ETH’s latest bout of strength comes as Bitcoin inched higher on the dollar Index dictating the directionality of all assets paired with USD. After printing 2020 high, Ethereum dropped from a daily top of $488 to a low of $420, marking a 15% decline. The token has room to rally despite correction on ETH/USD, the $500 target stays unrelenting. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $48.69 billion and $19.55 billion in trade volume over the past 24 hours. At the time of writing, ETH/USD has since recovered a bit and it currently trades at around $435. This marks a massive surge from recent lows of $370 that were set last week. ETH gas prices, also known as transaction fees had been skyrocketing lately amid the DeFi boom. Ethereum transaction fees lead to the highest Miner revenue earned ($500,000) in an hour. This was the biggest transaction fee generated revenue in the history of the network as the DeFi ecosystem indicate growth in ETH value.
*After printing 2020 high, Ethereum dropped from a daily top of $488 to a low of $420, marking a 15% decline
*The token has room to rally despite correction on ETH/USD, $500 target stays unrelenting
*ETH gas prices also known as transaction fees had been skyrocketing lately amid DeFi boom
Resistance Levels: $500, $480, $450
Support Levels: $400, $370, $335
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
As shown in the daily chart, during the prior day, ETH/USD peaked at $488 and started the downside correction from overbought territory amid the current session. The RSI on the daily charts has reversed to the downside, signaling that the retreat is ready with the first target of $415. Support over $400 is anticipated to offer the bulls time to launch another relentless $500 attack. Even farther up, the next goal after $500 is $550.
During the current session, trading saw ETH decimate some buyer defenses such as level $450 and $440. The bears continued the market action in correction downwards, eying $415 but the buyer confluence zone is seen at $400 which momentarily paused the downside. While $415 is validated as a support, the rebound may gain momentum in the next sessions and take the price toward the $500 mark.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
Ethereum has surged to a massive high multi-year trading as the level of resistance reaches $500. Technical analysis on the 4-hour indicates that Ethereum may be bracing to mobilize towards the $500 resistance level, and potentially even the $550. All in all, though exchanging beyond the $415 support level the ETH/USD pair is in a consolidation mode.
ETH/USD sellers may be hoping to hit the $415 to $400 support area in the short-term. The ETH/USD pair is only bullish while exchanging beyond the $415 level, the main resistance is located at the $480 level and the $500 level. If the ETH/USD pair exchanges beneath the $415, sellers may test the support levels of $400 and $370.
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