With the current Month-to-Date momentum of Ethereum, we cannot ignore the fact that the coin is volatile enough at the moment but is definitely trading true to the current bullish market sentiment. After the previous week’s succumbing momentum against the US Dollar, the ETH coin has strengthened by over 10% from a 7-week low marked at $364 to the recent brief high above $400 at $402.
Just as the largest cryptocurrency by market capitalization—Bitcoin is seen hitting fresh crossovers of the year, the market sentiment is bullish than ever. Capitulating the positive sentiment, Ethereum is now trading at $397 after a slight intraday pullback. However, the recent bullish crossover could not reclaim the YTD high that the coin had hit at the onset of the previous month against the US Dollar.
With a notable spike in the largest altcoin price, Ethereum’s percent addresses in profit increased directly proportionate to price over the past 24 hours.
Current value is 73.308% (up 4.6% from 70.053%)
— glassnode alerts (@glassnodealerts) October 22, 2020
Ethereum Price Analysis
At the press time, Ethereum price trading at $397 after a brief bullish breakout above $400 in the past 24 hours against the US Dollar. It was just before the closing of yesterday’s trading session when ETH/USD drew a steep rise and breached the upper Bollinger Band. The 20-day Bollinger Bands are also seen widening on the 2-hourly chart, which confirms volatile crossovers in the near term.
However, with the recent rise in price, Ethereum price is seen drawing a fresh 30-day high after the higher high pattern observed in the price of the massive altcoin. The coin is retaining support from SMA50 & SMA200 at $379 & $369, respectively. The MACD indicator draws a confirmed bullish crossover. The RSI is inclined towards the overbought region and lies at 65.51.