Ethereum (ETH) is finally hitting the stride following the dismal crypto market performance through March that set the token 59% down in a week. As of April 6, 2020 5.39 EAT, the price of ETH/USD stands at $159.20, representing an 11% boost in the past day. Could this boost the second largest coin back to $180-key resistance levels in the coming days?
Ethereum soars 11% in a day, is $180 on the horizon?
Since setting a yearly low of $101 across major exchanges on Mar. 16, Ether bulls are back in control in line with the market growing past the $160 level on Monday. The second-largest crypto in market cap set an intraday high of $162.00 on Bitfinex exchange, representing a sharp 58% from the lows recorded during the Black Thursday crash.
— Rekt Capital (@rektcapital) April 6, 2020
On the daily charts, the price seems to be printing a mini-parabolic run towards the $180 resistance level after turning the $156 resistance to support. A golden cross formation on the daily charts further signals an oncoming bullish run on the pair in the coming days.
A bullish long term horizon for ETH
The longer-term charts offer a promising prospect for ETH against the dollar. The 20-Day relative strength index (RSI) is on an uptick projector having crossed the buy resistance showing a bullish stance on the market. Notwithstanding, the moving average divergence convergence (MACD) wave is darkening signaling a possible continuation of the current bullish momentum in the coming days.
Crypto Analyst, Michael NL, expects growth of ETH on both the USD and BTC pairs in the coming days if key levels are reached.
Crucial levels coming up here.
The $BTC pair: Breaking and flipping 0.022 area would justify continuation towards 0.025.
— Crypto Michaël (@CryptoMichNL) April 6, 2020
Additionally, Phase 0 of ETH 2.0 is expected to launch in the coming months adding to the technical bullish structure of the blockchain. In a recent response to critics, Vitalik Buterin, co-founder of Ethereum, assured users on the vision of the ETH 2.0 upgrade and its deflationary currency despite switching to the proof-of-stake (PoS) mechanism.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.