The crypto market is mostly bullish as BTC extends its rise past $52k. Most major Altcoins also followed Bitcoin’s trail. Ethereum bulls took strong decisive moves as ETH/USD refreshes highs past $1,920 on Thursday. Ethereum price flipped the key resistance at the prior high of $1,877 and traded to a new all-time high at $1,927. Ranking 2nd largest by market cap, Ethereum’s market valuation now stands at $219.07 billion with a trading volume of $27.49 billion in the past 24 hours. At the time of writing, Ethereum is exchanging hands at $1,921 up 5.08% on the daily and 6.09% weekly. Buying interest in Ethereum rises amid institutional demand as indicated by on-chain analytics, Glassnode. The firm noted that the daily trading volume of CME Ethereum futures reached a total of $75.8 million as of Feb. 17, doubling the Feb. 10th volume of $40 million within a week of launch. Also, open interest jumped to $62 million.
*Ethereum price flipped the key resistance at the prior high of $1,877 and traded to a new all-time high at $1,927
*Ethereum is exchanging hands at $1,921 up 5.08% on the daily and 6.09% weekly
*On-chain analytics, Glassnode indicated that the daily trading volume of CME Ethereum futures has reached a total of $75.8 million
Key Levels
Resistance Levels: $2,100, $2,000, $1,930
Support Levels: $1,800, $1,660, $1,493
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
After consolidating for a while, ETH/USD popped above the key resistance at $1,877 level and traded to a new all-time high of $1,927. This brings Ethereum within 4% of the $2,000 barrier. Should the bulls successfully tackle $2,000, a potential breakout to $2,100 may be on the cards. However, the journey to $2,000 may not be a smooth ride as the resistance range between $1,930 and $1,980 must be surmounted for ETH to trend higher.
The upsloping moving averages and the RSI in the positive territory suggest an advantage to the bulls. On the contrary, if the price fails to rise above $1,927, the pair may consolidate for a few days. The next major support is near the $1,850 level. if this caves in, support may be envisaged at $1,660 and $1,495 coinciding with the ascending trendline support. A break below this level ($1,493) may signal weakness and a retest of the MA 50 support at $1,380 could be quite likely.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
After an extended consolidation since the start of February punctuated with a few minor pullbacks, Ethereum began its climb higher from the MA 50 support at $1,801 on Feb. 17. The bulls will now try to propel ETH price past $1,927. If they succeed, the ETH/USD pair could start the next leg of the uptrend, which has a target objective of $2,000 and then $2,500.
The 4 hour time frame shows that the ETH/USD pair is trapped above the rising MA 50, with the topside located close to $2,000. On the downside, ETH sits atop robust support at the MA 50 ($1,801). If this fails, losses to the $1,660 and $1,400 range may come into the picture. The ETH/USD pair is only bullish while trading above $1,493, key resistance is found at the $1,930 and $2,000 levels.
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