Price Analysis

Ethereum Trades Above $400 With Complete Bullishness

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Ethereum—the foremost and massive altcoin by market capitalization, ranked right after the king of cryptocurrency—Bitcoin is currently trading above $400. ETH coin with a complete bullish crossover on the daily chart rose as high as $469 in the ongoing month and is currently trading with a 13% pullback above $405.

Ethereum, for the longest time, was facing a strict resistance. ETH is often seen as having a concurrent momentum with that of Bitcoin, followed by XRP. While BTC price has risen above the weekend lows to trade above $11.7k, it is still below $12k against the greenback, and in this regard, Ethereum is also bearish yet bullish above $40

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Ethereum Price Analysis

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ETH/USD Chart By TradingView

ETH/USD, on the above 3-day chart, is seen having a steep bullish surge from $235 trading area to currently trading above $400. Ethereum holds support from SMA50 & SMA200 on the 3-day chart at $247 and $198, respectively. The current price is already breaching the upper band as they widen with gradual expanding volatility in the near-term.

Ethereum is definitely an investment for the long-term and will not fetch desirable returns in the intraday. Having breached the 2-year massive resistance after a bearish candlewick touch below $100, ETH coin has been strengthening notably as the foremost altcoin.

After a brief consolidation in May, June, and 1st week of the previous month, Ethereum broke with a steep bullish surge against the US Dollar. The MACD of the ETH coin is seen holding a bullish crossover with MACD line crossing above the signal line, and similarly, the RSI reflects the spike in demand as it lies at 71.33 above the overbought region.

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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