Onlookers may be wondering how long the current crypto bull trend will last. When looking at different markets, it becomes apparent that the momentum isn’t over yet.
Especially the Ethereum price surge is getting a lot of attention today. Not entirely surprising, as the value continues to grow by leaps and bounds without skipping a beat.
Ethereum Price Rise Continues
The past week has yielded some incredibly bullish momentum for all crypto assets. Some markets noted stronger gains percentage-wise compared to others. The Ethereum price, for example, gained 30.5% in the past week alone. This further adds to the monthly uptrend that has captivated traders worldwide.With the value now pushing past $250, the overall excitement won’t diminish just yet.
Sustaining this level of growth won’t come easy. All markets hinge on Bitcoin’s momentum first and foremost. As the world’s leading cryptocurrency is coming up on some core resistance levels, other markets will go through some volatile spurts. Ethereum won’t be an exception in this regard, but it may prove to be rather resilient overall.
In terms of trading volume, there is nothing to be concerned over. The current volume sits at well over $12 billion, representing over 43% of Ethereum’s market cap. ETH/USDT and ETH/BTC trading pairs are well worth keeping an eye on. Why LBank generates over 12.4% of the total volume, will always be somewhat of a mystery first and foremost.
ETH/USDT Technical Indicators
Bollinger Bands: Given all of the liquidity for Ethereum, it is only normal to see the Bollinger Bands as wide open as they are today. There is no sign of upcoming accumulation at this time. While that is neither a good nor a bad sign, one has to wonder how this will pan out over the coming days. So far, it keeps yielding pretty decent green candles, although all good things will come to an end eventually.
Moving Averages: The daily Ethereum price chart shows some bullish moving averages momentum. The MA20 remains well above the MA50 and MA200. It now appears that the MA50 will try to push past the MA200 as well. This trend is apparent across many different markets lately, indicating that this upward trend may not stop for some time to come.
RSI: Despite lounging in overbought territory for some time now, the Ethereum price isn’t budging all that much. A prominent turn of events, as it goes to show how different these markets can respond when people least expect it. There will still be plenty of volatility ahead, but no major reversal should occur – barring any Bitcoin mishaps.
Fibonacci Retracement Levels (ETH/USD): Following these huge green candles, one has to look at the Fibonacci retracement levels affecting the Ethereum price. So far, the 50% Fib has been surpassed without many problems. In fact, the growing green candle seems to push toward the 61.8% Fib. If successful, that will push the Ethereum price to over $267. Not an easy feat to accomplish, but the current momentum is favorable.
Resistance Levels: The next Fib level will obviously be a core testing point for ETH. As such, reaching $267 will not be easy, but it is doable. Other resistance levels can be found near $280.08. For now, the question remains whether $224.16 will act as support if need be. That will be an interesting development to keep an eye on.