The cryptocurrency market terrain is spotted red and green, particularly for major cryptocurrencies after BTC emerged above the key $18,000 level. The largest Altcoin, Ethereum brushed shoulders with $500 but retreated before testing this key level. Ethereum spikes to a new yearly high, stepping above $490 for the first time since July 2019. However, its price was rejected as ETH reeled from its $495 high to hit an intraday low of $456. Presently, ETH is trading down by nearly 2% at $479 while facing some delay due to the seller congestion at $480. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $53.55 billion and $17.45 billion in trade volume over the past 24 hours. A recent update from the staking progress bot indicated that Ethereum 2.0 Stakes have Reached 100,000 ETH, which is nearly 20% of the 524,288 ETH target.
*The largest Altcoin, Ethereum brushed shoulders with $500 but retreated before testing this key level
*Presently, ETH is trading down by nearly 2% at $479 while facing some delay due to the seller congestion at $480
*A recent update from the staking progress bot indicated that Ethereum 2.0 Stakes have Reached 100,000 ETH
Key Levels
Resistance Levels: $550, $500, $470
Support Levels: $450, $430, $400
ETH/USD Daily ChartAs seen on the daily chart, after a new yearly high was traded at $495, Ethereum retreated to seek balance under $480 where it trades presently. To resume the uptrend, ETH bulls must reclaim the territory above $480. Recovery delays might be encountered due to seller congestion at $480 and the June high of $490. The ultimate mission among the bulls will be to break past the multi-year resistance at $500.
On the flip side, a rise in sell orders might create enough volume to increase the headwind against ETH. In this scenario, formidable support is envisaged at the $450 from where it rebounded in the day and at the MA 50 situated at $400.
ETH/USD 4-Hour ChartOn the 4-hour chart, ETH slightly brushed shoulders with $500. Hitting a barrier forced the smart contract asset to take a retreat. A rebound from the 4-hour MA 50 support mitigated further losses, pushing ETH to its present price of $479. If Ethereum bulls sustain a breakout above $480, the next price target might reach $520.
On the downside, support at the MA 50 situated at $463 and the $450 support will play key roles in ensuring Ethereum buyers remain primarily in control. The ETH/USD pair is only bullish while trading above the $430, key resistance is found at the $480, $600, and the $520 levels. If the ETH/USD pair trades below the $430 level, sellers may test the $400 and $390 support levels.
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