- The market is in green again; investors and bulls relieved.
- Ethereum adds 4.99% on a daily basis but the market stagnates at $149 billion.
Cryptocurrency bulls are finally taking a breather after enduring the battering for the last 7 days. Most of the assets are showing significant gains on Wednesday; a sign that a bullish reversal has finally caught up with us. Ethereum is among the leaders in the recovery rising 4.99% and hammering on the hurdle at $140. Bitcoin Cash, which has been the biggest loser partly because of the hash war in the community, is up 9.49% and trading at $279. Bitcoin price and Ripple’s XRP ate up 3.95% and 2.99% respectively.
Since Ethereum broke below the range support at $170 on Monday, the asset has been on a downward trend. It hit lows of $124 yesterday before claiming a position above $130. Ethereum has not only defended the initial support at $130, it has also resumed the uptrend with eyes glued on $140. In the near-term, ETH/USD is likely to correct above $140 and face the second resistance at the 50 SMA (hour range) before embarking on a journey breaking barriers at $150 and $170.
Meanwhile, applied indicators’ signals are positive. The RSI at 52.38 (highest level since Monday declines). Ethereum oversold levels called for an upside correction. The MACD is heading north after hitting the bottom yesterday for the first time since the sudden drop on Wednesday last week. A pullback begun during the Asian trading hours and progressed into the European hours. ETH/USD has broken above the short-term trendline resistance as well. If the price is kept above this trendline, it’s possible for Ethereum to gather more upside momentum.
ETH/USD 1-hour chart
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