The global cryptocurrency market has made a strong comeback, surpassing the $1.47 trillion valuation mark. Ethereum [ETH] also broke to the upside following the renewed market momentum, extending its weekly gains to 24.90 percent. With the most recent recovery, the digital asset reached a level not seen since just before the mid-June correction. As market volatility has increased, it will be interesting to see if there is still room for growth.
Ethereum [ETH] has gained 6.29 percent in the last 24 hours, bringing its price to $2,328. The crypto-asset had a market cap of $272 billion and a 24-hour trading volume of $19.13 billion at the time of writing.
Ethereum [ETH] Daily Price Chart:
Following a significant recovery, Ethereum candles climbed above the 200 DMA [Yellow]. They were, however, still below the downsloping 50 DMA [Pink] and the 100 DMA [Blue], both of which had recently experienced a bearish crossover. As a result of this trend, the crypto-asset experienced a minor pullback. On the plus side. The current phase shows strength, which may aid in catapulting ETH price candles above the moving averages.
The recent increase in trading volume may help in exploring additional upside potential.
Despite the uptrend, the Chaikin Money Flow [CMF] appeared to be struggling above the half-line as capital inflow into the coin market encountered a stumbling block. The MACD, on the other hand, depicted a market phase of increasing buyer demand. The RSI, too, finally broke through the 50-median line after more than a month. This indicating a market sentiment of gradually rising buying pressure. Following May’s aggressive dip, the indicator had previously settled close to the oversold condition.
The above chart shows the price gaining traction as several indicators turned bullish. Despite that, sellers continued attempts to sink the crypto-asset. Ethereum must break through the 50 and 100 DMAs to reclaim its yearly highs and target crucial resistance levels of $3,517 and $4,170.On Support levels, on the other hand, support levels were discovered to be $2,102, $1,805, and $1,424 respectively.
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