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.
𝗘𝗧𝗛𝗘𝗥𝗘𝗨𝗠 𝗜𝗦 𝗜𝗡 𝗔 𝗦𝗧𝗔𝗧𝗘 𝗢𝗙 𝗘𝗠𝗘𝗥𝗚𝗘𝗡𝗖𝗬
FROM THIS POINT FORWARD, IT IS 🚫𝗜𝗟𝗟𝗘𝗚𝗔𝗟🚔 TO SHORT #ETHEREUM
😡OFFENDERS WILL BE LIQUIDATED 💦
— The Crypto Dog📈 (@TheCryptoDog) July 23, 2020
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
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.