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
Ethereum Price Analysis
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.