Ethereum Price Regains Traction to Trade Above $600
Ethereum trades above $600 and is outperforming the largest cryptocurrency, Bitcoin, in terms of maintaining its stance above $600 for over eight days now, with an intermittent pullback below $590 yesterday. Alongside, it was just yesterday when Bitcoin also corrected downwards to trade below $23k just to reconcile to the lost height and trades above $23k again.
Shifting some more bitcoin to alts when $ETH starts to outperform $BTC.
— Koroush AK (@KoroushAK) December 22, 2020
This nowhere means that Bitcoin investments will reflect an apparent fall as it regained its lost position above $23k in today’s trading session after a sluggish movement yesterday. But it definitely reflects that Ethereum is attracting a significant investor base along with Bitcoin.
Ethereum’s intraday recovery is commendable, wherein it strengthened as high as $638 in the wee hours of the trading session today, while currently trades below $615 around $613. Despite the current intraday pullback, we cannot ignore the fact that the ETH price grew from an intraday low of $587 to an intraday high of $638 by over 8.5%.
Also, Ethereum is shilled for many reasons and the major one being ETH 2.0, wherein none of the active investors will leave any signal unattended to go long on ETH. Therefore, yesterday when the coin pulled back to $600 and below, it was an opportunity to average out the positions and hold.
Shout out to $ETH for dropping to $600 so all of us Americans can get exactly 1 ETH with our stimulus <3
— spencecoin.eth 🦊💙 (@spencecoin) December 22, 2020
Ethereum Price Analysis
Even though all the major cryptocurrencies, including Ethereum, experienced a dip in their trading prices, ETH pulled back below $600 after a week of trading beyond but is about to reconcile in the upper trading price range. The price trend of Ethereum is still inclined towards the upper band, but intraday correction from the daily high of $638 has led to a slight bearish divergence on the MACD chart. Based on analysis of both charts as well as Ethereum prediction, the currency might face slight correction in the upcoming days but later it will regain its lost momentum.
The RSI drops from the overbought region and currently lies at 54.29, but the ETH coin holds clear support at $545 and $386. The current movement reflects a clear bullish sentiment on the daily chart, and the intraday changes remain as minor as a cent change on the cumulative YTD chart above.