Ethereum (ETH) is in the center of a bullish rally in the upbeat mood seen in the crypto space, having risen from $335 to $380 over the past three days. For the second-largest token by market value, this is a very promising sign as it implies that whales are consolidating their positions. Earlier, the price fell beneath the MA 50 to register a $310 low on the daily chart but has recovered to trade at an intraday high of $380. After building on solid supports, the return of bulls on ETH/USD may attempt $500. The rapid price rise has made the market very unpredictable, giving way to bulls as well. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $41.84 billion and $15.82 billion in trade volume over the past 24 hours. ETH/USD is trading at $372 at the time of writing. Ethereum 2.0 developers have published the v1.0.0 release candidate 0 of the Ethereum 2.0 spec. Danny Ryan, the Ethereum 2.0 coordinator, says. The release of v1 gives the green light for the launch of the Ethereum 2.0 genesis block which is expected this November.
*The price fell beneath the MA 50 to register a $310 low on the daily chart but has recovered to trade at an intraday high of $380
*After building on solid supports, the return of bulls on ETH/USD may attempt $500
*Ethereum 2.0 developers have published the v1.0.0 release candidate 0 of the Ethereum 2.0 spec
Resistance Levels: $500, $450, $400
Support Levels: $355, $335, $310
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
In the meantime, after the spike to $380 intraday high, a minor retreat has seen Ethereum slide toward $370. ETH/USD is exchanging hands at $372. As a potential bullish trend resume, the pathway for further market movements can be discovered on the daily RSI hovering beyond its midlines but far from been overbought. The digital asset breached the MA 50 resistance at $370 with further potential towards $500 zone.
If the price is unable to end beyond the daily MA 50, the bears may push back, as this would cause a selloff to the $355 support wall. If the bears try to push down, just before the ascending trendline comes into the scenario, they would face a massive support wall at $335. Effectively capping the ETH/USD downside, these two walls should be firm enough to withstand any selling pressure.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
Ethereum started drawing buying interest technically trading beyond MA 50 and MA 200 over the 4-hour time frame. While Bitcoin’s growth is assisting to boost the demand for cryptocurrencies and some top Altcoins. To secure more technical buying towards $400.00, ETH/USD bulls need to break through the $390 resistance mark. If the $400 level is breached, medium to short term analysis also leads to the $415 region as a possible bullish goal.
The next major breakout may probably take place in the intraday technical chart once the $390 resistance level is breached. Although trading beyond the $370 mark, the ETH/USD pair is only bullish; the main resistance is seen at the $390 and $400 levels. If the ETH/USD pair exchanges beneath $370, the $355 and $335 support levels may be tested by sellers.
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