After a profound rally on the weekend and Monday, the cryptocurrency market has been on retreat. Ethereum (ETH) was able to reach a fresh 2020 high at $334.34, after consecutive days of sustained growth. The growth comes after a deadlock in price activities for several weeks primarily for BTC and ETH. All major Altcoins and Ethereum began the technical correction from the overbought levels; nevertheless, on ETH/USD price stays past $300 in an unwavering upside rally. ETH/USD trades at $320 at the time of this post. As outlined in this post, the pathway of least resistance stays relevant to the existing technical levels. Presently, the crypto asset is second in the Coinmarketcap index, with a market cap of $35.69 billion over the past 24 hours, and a trading volume of $14.70 billion. The Ethereum Foundation has unveiled its staking launchpad which enables users to establish their validator node in ETH 2.0 procedures. Also with the launch of the ETH2 validator launchpad in Testnet, potential validators will be constantly aware of and make deposits into the forthcoming multi-client Testnet Medalla.
*Ethereum (ETH) was able to reach a fresh 2020 high at $334.34, after consecutive days of sustained growth
*All major Altcoins and Ethereum began the technical correction from the overbought levels; nevertheless, on ETH/USD price stays past $300 in an unwavering upside rally
*The Ethereum Foundation has unveiled its staking launchpad which enables users to establish their validator node in ETH 2.0 procedures
Resistance Levels: $400.00, $365.00, $334.34
Support Levels: $300.00, $268.39, $230.00
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Upside advance on ETH/USD persists with an unwavering push into today’s session past the $300 price mark. Even as much fewer strides have been made since the time that ETH/USD reached new highs at $334, investors were keen to retain the token beyond $300. Besides, the RSI is also rising upward despite reaching the overbought levels. That means a near-term reversal is uncertain.
Based on the day-to-day moving averages, Ethereum bulls are likely to stay at the forefront of this pattern for some time coming. For reference, in the eventual pullback on the ETH/USD price beneath $300, the MA 50 is positioned to act as solid support. The increasing distance between the two MAs also suggests buyers are more dominant on the demand side. ETH/USD has a solid resistance and support level of $365 and $300, accordingly.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Ethereum appears to trade with a bullish short-term bias, despite yesterday’s Bitcoin rally past the resistance level of $11,000. ETH/USD bulls may be positioning to smash the resistance level of $334.34, even though the level of $365.00 stays as the broader bullish objective. All in all, the ETH/USD pair has a clear short-term trading bias while the price stays beyond the support level of $300.00.
Nonetheless, in the next session with the RSI, there may be another pullback trend towards 50, which implies that the asset is currently overvalued and may face bearish correction shortly. The ETH/USD pair is only bullish while exchanging beyond the level of $288.00, the main resistance is seen at levels of $334.34 and $365.00. Sellers may test the $288.00 and $268.39 levels if the ETH/USD pair exchanges beneath the $300.00 mark.
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