Price Analysis

Ethereum (ETH) Refreshes the 5-Month High Above $280

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Ethereum refreshes to a new 5-month high in the past 24 hours and breaches above $280 at $283 while currently trades at $276 with a bullish crossover and trend in the intraday. It was just when the greatest cryptocurrency by market capitalization—Bitcoin breached a resistance above $9.65k briefly but is back to trading around $9.5k.

Ethereum and XRP are a lot influenced by Bitcoin’s price movement, and since the latter is in a slow recovery mode, we can see the influential cryptos getting a push as well. Moreover, the 24-hour breakout of ETH against the USD has been stupefying, and this is not the time to short as we believe the steep breakout is possible soon.

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While everyone awaits the launch of Ethereum 2.0, the developers are ready to announce the “Final Testnet” before launching the network on Aug 04, 2020. The price has been quite a supporter over the past two days now, and the dynamics are favoring the long HODLing position for the investors as ETH is an investment avenue for the long-term. Ethereum Retains Complete Support with No Volatility Projected.

Ethereum Price Analysis

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ETH/USD Chart By TradingView

Ethereum on the half-hourly chart is trading at $276.6, and with a stupefying momentum, the coin is already breaching the 20-day upper Bollinger Band. In the past 24 hours, ETH coin has refreshed its 5-year height and retains complete support from the 50-day and 200-day daily MA at $272 and $252, respectively. The sudden blow of volatility led the coin to gain approximately 6% in less than 24 hours before the closing yesterday. The coin was notably trading around $265, and with a steep rise, it crossed beyond $280, yesterday.

After the pullback from the recent high, Ethereum corrected below $270 while regained to rise above $275 again within the trading hours today. In this regard, the MACD chart now holds a bullish crossover on the intraday chart due to rebound, which otherwise was holding a bearish divergence. The RSI of the coin is at 63.95 and remains inclined towards the overbought zone. The major support and resistance to watch out for lies at $270 and $280, respectively.

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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