Ethereum Price Reflects Bullish Divergence Due to Steep Rise

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Ethereum, the major altcoin, is seen trading above $400 and even above $450 at $460, and if corrects upsides any further, it is likely to reclaim YTD high at $490. ETH coin has been drawing a volatile crossover over the past three months right before hitting $490. Ethereum is an investment for the long-term and is believed to be the performer over the years and will continue to be the massive altcoins, ranked right after the largest cryptocurrency of the global market.

As per the recent ETH news updates, Ethereum 2.0 will be launched soon at the onset of the next month, which was being postponed for the longest time now. In this regard, Indian exchanges are now extending ETH staking just ahead of the launch. This is definitely an edge over the regular Ethereum platform leading to an amplification of the platform against the growth of DeFi.

If we talk about the price dynamics of Ethereum, it is clear that the coin has been booming if we gaze at the YTD movement of ETH. This year, the currency is up by over 100%, around 23% this month, 20 in the past seven days, and 4% in the intraday.

Ethereum Price Analysis

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ETH/USD Chart By TradingView

Today, Ethereum was seen trading at $460, and with a steep candlewick breakout, the coin retains support from 50-day and 200-day daily MA at $383 & $312, respectively. The price trend of ETH/USD is seen breaching the upper BB on the daily chart against the greenback. If it breaks above any further, Ethereum price is likely to reclaim the YTD high and breach above $500 if there happens to be no strong resistance.

After having risen above $30, the currency is seen drawing a clear bullish crossover as the candlesticks draw a clear and steep uptrend. With a higher high pattern extended from the trading price of $320, the bullish crossover on the MACD indicator remains intact. The RSI of the ETH coin also holds a strong inclination towards the overbought zone as the price increased, leading to an increase in demand, and is lying at 66.11.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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