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Ethereum price explodes to historical high close to $3,500Ethereum launched to another colossal milestone after striking price levels beyond $3,000. The gigantic smart contract token rallied as Bitcoin failed to rise above $60,000. The lift above $3,000 paved the way for gains that closed the gap toward $3,500. In the meantime, ETH trades at $3,250 after losing some ground from the all-time high. The correction has occurred in tandem with Bitcoin’s retreat to $55,000 from price levels close to $60,000. Higher support is required to keep the bears at bay and allow bulls to focus on price levels above $3,500 and $4,000, respectively. The Moving Average Convergence Divergence (MACD) suggests that Ethereum is firmly in the bulls’ hands. For instance, the MACD line (blue) continues to sustain the position above the signal line. Although the MACD line does not identify overbought and oversold conditions, it foresees the general trend of an asset while measuring its momentum. On the flip side, the Relative Strength Index (RSI) suggests that Ethereum is fast flipping bearish. For example, the trend strength indicator drops sharply from the overbought area, implying that bears control. If the technical outlook is unchanged in the short term, sellers will have the upper hand. Ethereum’s co-founder, Vitalik Buterin, has made it the list of the world’s youngest cryptocurrency billionaires. The 27-year-old programmer’s crypto holding soared to higher levels as Ethereum price hit new record highs. Ethereum intraday levels Spot rate: $3,250 Trend: Bearish Volatility: High Resistance $3,460 and $3,500 Support: $3,200 and $3,000
COINBASE:ETHUSDLong
by CoinGape
Ethereum $ETHUSD PT 5,000-5,200 and higherEther is excelling while the bitcoin sideshow is barely making gains. BNB breaks out on DeFi, going past $100 billion in market capitalization Monday. Ether (ETH) trading around $3,290 as of 21:00 UTC (4 p.m. ET). Gaining 10.7% over the previous 24 hours. Ether’s 24-hour range: $2,941-$3,300 (CoinDesk 20) Ether well above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians. Ether was trading around $3,290 as of 21:00 UTC (4:00 p.m. ET), gaining more than 10% over the prior 24 hours. The second-largest cryptocurrency by market capitalization is the crypto story for Monday because the asset hit a fresh record high of $3,300 around 18:15 UTC (2:15 p.m. ET), according to CoinGecko. “Ether has accelerated to new highs, reaching the targeted level of ~$3,000 from its April breakout far sooner than indicated,” noted technical analyst Katie Stockton, in Fairlead Strategies’ Monday market update. “It is not wise to fight momentum, so we are reassuming a bullish near-term bias, somewhat reluctantly.” Momentum, in the form of ether spot exchange volume, is clearly high. Ether volume tallied $35 billion Sunday, with bitcoin just a bit higher at $39 billion. Together, the two assets changed over $74 billion in value Sunday – and that’s on a weekend day. Traders will be eyeing volume for the rest of the business week to see where the price settles, particularly with ether continually hitting fresh levels on the spot market. Meanwhile, over $20 billion in locked value inside decentralized finance, or DeFi, has been gained in the last month, according to data aggregator DeFi Pulse. The value of ether, combined with traders looking for yield that exists for parking crypto in DeFi, is a fundamentally bullish sign for the Ethereum network overall. “ETH has been powering for the past two years on the booming DeFi industry with a total value locked above $70 billion,” noted Elie Le Rest, partner at quantitative trading fund ExoAlpha. Le Rest also mentioned to CoinDesk the ambitious ecosystem upgrade Ethereum 2.0 as part of the catalyst for traders to punch buy on ETH. “Despite the high fees experienced by the Ethereum network, the market is starting to reflect the anticipated growth of ETH 2.0 into the price of ETH.” The ether futures market is hitting brand-new levels not seen before, pushing open interest up to $8.8 billion and topping the previous record of $8.4 billion reached April 15, according to analytics provider Skew. “I bet the launch of ETH futures has increased the comfort level of the massive asset managers that have sent U.S. stock market capitalization north of 200% of GDP and global bond yields negative,” said George Clayton, managing partner at investment firm Cryptanalysis Capital. ”I think ETH is acting like an institutional platform.”
BINANCE:ETHUSDLong
by UnknownUnicorn19246015
Ethereum price rally intensifies toward $3,000Ethereum has continually led the price action this week, especially in the top ten cryptocurrencies. The pioneer smart contract token hit support at $2,000 twice last week before bulls focused on gains toward $3,000. Support at $2,000 was particularly vital to the upswing, which saw Ethereum hit highs above $2,700 and later brushed shoulders at $2,800. Ethereum relentless fight for $3,000 At the time of writing, Ethereum teeters at $2,750 as bulls concentrate on revisiting the hurdle at $2,800. However, sideways price action seems to be taking precedence based on the Relative Strength Index (RSI). The trend strength indicator levels 63 after the uptrend fizzled out before hitting the overbought. This current situation is not bad for Ethereum bulls because it shows that the token is overbought. In other words, buyers still have ample room for growth. Therefore, holding above higher support, perhaps at $2,700, will ensure that bulls don’t lose focus from the near-term target at $2,800. Note that trading above this crucial level would trigger massive gains as investors stream in to take a piece of the likely breakout at $3,000. It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bearish impulse. This follows the MACD line crossing under the signal line. If the divergence expands in the upcoming sessions, overhead pressure will rise, forcing Ether to test the tentative support at $2,700. Other critical anchor zones to keep in mind include $2,600, the 100 Simple Moving Average (SMA), and the 200 SMA. Etheruem intraday levels Spot rate: $2,750 Trend: Sideways Volatility: Low Support: $2,700, $2,600 and $2,400 Resistance: $2,800
COINBASE:ETHUSDLong
by CoinGape
ETH pivotal at $2,500 but is $3,000 achievable? Ethereum brushes shoulders with $2,500 but loses momentum. Support at $2,400 remains key to the uptrend, while gains above $2,600 could bolster Ether past $3,000. The MACD reinforces the bullish outlook, suggesting that the uptrend is intact. Ethereum tested support at $2,000 during the broad-based declines in the cryptocurrency market last week. Support at the 200 Simple Moving Average (SMA) on the four-hour chart and $2,200 played a crucial role in ensuring that the recovery is steady. On Monday, bulls increased the grip on the price by breaking above the 50 SMA and 100 SMA. As the technical levels improved, Ether closed the gap heading to $2,500. A brief break above this level saw bulls shift their attention toward the recent record high of $2,600. However, selling pressure is becoming apparent as resistance at $2,500 remains unshaken. ETH trades marginally under $2,500 amid the intense tug of war. The Relative Strength Index (RSI) shows that bears could emerge stronger, sabotaging the breakout toward $2,600 and $3,000, respectively. A bearish divergence from the price seems to reinforce the bearish outlook. Unless the RSI break above the trend line and enters the overbought region, overhead pressure will rise in the near term. Moreover, a real break past $2,500 would allow bulls to focus on gaining ground past $2,600. Trading above this level would also trigger massive buy orders as the uptrend builds toward $3,000. It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bullish impulse. The MACD line increases the divergence from the signal line while the indicator holds within the positive region. If this technical outlook holds, Ethereum will settle above $2,500, setting the framework for gains eyeing $3,000. Ethereum intraday levels Spot rate: $2,502 Trend: pivotal at $2,500 Volatility: Low Support: $2,400, $2,200 and $2,000 Resistance: $2,600
COINBASE:ETHUSD
by CoinGape
ETH makes incredible strides toward $2,550 record highs Ethereum ignores crypto selloff to post considerable single-digit gains toward $2,550. The MACD and the RSI affirm the bullish outlook in the near term. Ethereum is among the best-performing digital assets in the cryptocurrency market following the retreat from record highs of $2,550. The pioneer smart contract token tested support at $2,000 twice before staging the ongoing recovery mission. Several resistance levels have been overcome, including the 100 Simple Moving Average (SMA) at $2,200, the 50 SMA and $2,400. At the time of writing, ETH dances at $2,415 while bulls fight for a breakout past $2,500. The immediate downside is supported by the 50 SMA, allowing bulls to focus on higher price levels. The bullish outlook has been reinforced by the Moving Average Convergence Divergence (MACD). The confirmation appeared after the MACD line crossed above the signal line, besides the indicator has reentered the positive region. Consequently, the Relative Strength Index (RSI) on the four-hour chart affirms that the trend is in the bulls’ hands. This indicator follows the movement of an asset and measures its strength. As it closes the gap toward the overbought region, Ethereum’s uptrend becomes apparent. A break above $2,500 would be a significant signal for more buyers to join the market. If enough buying pressure is created behind ETH, the price will begin the next chapter of the run to new all-time highs around $3,000. It is worth mentioning that closing the under $2,500 would lead to an increase in overhead pressure. Besides, the position above the 50 SMA must be sustained; otherwise, Ethereum may freefall to retest support at $2,200 and $2,000, respectively. Ethereum intraday levels Spot rate: $2,415 Trend: High Volatility: High Support: 50 SMA, $2,200 and $2,000 Resistance: $2,500 and $2,550
COINBASE:ETHUSDLong
by CoinGape