The crypto-currency market on Friday is a mashed image, though major coins have stayed constant from the day before. Cryptocurrency data provider Skew recently revealed that Huobi Futures’ Ethereum trading volume exceeded Bitcoin as its dominance plummeted to 56.8 percent. The coin hit a yearly high at $488 and fell to a $310 recent low, effectively losing over 34% in less than five days. Ethereum (ETH) has been regaining some ground from lows set at the beginning of the week at $323.17. Despite recent declines, price positions on ETH/USD set for a recovery toward $400. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $41.31 billion and $91.56 billion in trade volume over the past 24 hours. At the time of writing, ETH/USD is changing hands at $365, down nearly 1% on a day-to-day basis. As per data provided by Santiment, the DeFi sector surge has attracted 68 new Ethereum Whales holding 1K to 10K $ETH to the network in the past 3 days. As the amount of ether locked in DeFi protocols stays on a steady increase — the demand for ETH continues to receive a boost.
*The coin hit a yearly high at $488 and fell to a $310 recent low, effectively losing over 34% in less than five days
*Despite recent declines, price positions on ETH/USD set for a recovery toward $400
*As per data provided by Santiment, the DeFi sector surge has attracted 68 new Ethereum Whales holding 1K to 10K $ETH to the network in the past 3 days
Resistance Levels: $450, $400, $370
Support Levels: $355, $335, $300
ETH/USD Daily Chart: Ranging
ETH/USD Daily Chart
Ethereum has rebounded from the prior week’s low of $310 and hit $372 by the time of writing. The price is held beneath the daily MA 50 ($380) which roughly aligns with the upside-horizontal resistance line at $400. There are a few near-term barriers beyond the current mark, such as the $370 resistance level, then the second at $390, and the third at $400.
The daily context suggests that a steady step beyond the aforementioned couple of near-term resistances may trigger the bullish prospects of ETH towards the $450 region. The first support level is at $355 beneath the current price, then the second at $335 and the third at $310. Besides that, an initial positive outlook would be invalidated by a realistic shift beneath the $355 level.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
Ethereum is on the rise alongside several top Altcoins, and Short-term bulls now have the upper hand technically after breaching the 4 hour MA 50 to the upside, the ETH/USD pair continues to trade above the $355.00 level. The technical analysis highlights the $390 level as a potential bullish target while the ETH/USD pair trades above the $355.00 level.
If this case holds further, the price may retest the recent intraday high beyond $370 before another bullish leg to $390. The ETH/USD pair is only bullish while trading above the $370 level, key resistance is found at the $390 and the $400 levels. If the ETH/USD pair trades below the $355, sellers may test the $335 and $310 support levels.
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