Since the beginning of the week, the cryptocurrency market has been moving higher as the largest cryptocurrency BTC jumped beyond $9,500 during the prior session. The recent traction made the price on ETH/USD levitate past $270 heading through its initial hurdles in the near term. The price climbed beyond the level of $260 for the first time since early March. ETH/USD is increasing in value at $276.41 at the time of this post. Daily, the coin has risen roughly 12.50 percent and has increased since the beginning of the day. Transfer of Ethereum (ETH) by Whales to exchanges of $182 million swell volatility as data from online analytics resource Santiment stated on Twitter. On July 23, Santiment estimated that in just three days this week, 700,000 ETH ($182.7M) were transferred from exchange wallets, as the balance of known non-exchange wallets decreased, implying that Whales draw up to sell or trade ETH en masse.
*The price climbed beyond the level of $260 for the first time since early March
*The recent traction made the price on ETH/USD levitate past $270 heading through its initial hurdles in the near term
*Transfer of Ethereum (ETH) by Whales to exchanges of $182 million swell volatility as data from online analytics resource Santiment stated on Twitter.
Resistance Levels: $300.00, $29.00, $278.13
Support Levels: $260.36, $250, $240
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
The coin is bolstered by the recent support at $260.00, as noted on the daily. If breached, the downside momentum may gain traction and drive the price to $255.80 (the high of the prior daily key limiting zone) and $236.00 of the daily MA 50 zone. The MA 200 provides vital support on nearing $200 level. The next resistance is established on the upside, on nearing $278.13.
On the contrary, the former $260 resistance will now act as strong support, implying the bearish momentum here may decelerate. The sell-off may be accelerated towards the MA 50 if it is breached. It would reverse the bullish outlook and put back bears into the market. That being said, once price holds over these prior technical thresholds, soon the bullish tendency may drive the price to $300.00.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Ethereum proceeds to trade with a bullish short-term bias, amid the Bitcoin rally toward the $9,500 resistance level in the prior day. ETH/USD bulls moved on to trade past the resistance level of $270.00, but the level of $300.00 persists as the broader bullish mark. Ultimately, there is a clear short-term trading bias in the ETH/USD pair though prices stay beyond the $260.00 resistance turned support level.
Over the past several days, volatility has risen significantly (chart above), signaling an end to a phase of consolidation that lasted many months. The ETH/USD pair is only bullish while exchanging beyond the level of $260.00; the main resistance is seen at the levels of $278.13 and $300.00. Sellers may test the $250.00 and $245.00 levels once the ETH/USD pair moves beneath the $260.00 mark.
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