- Ethereum swings to new record highs, leading recovery among the top cryptocurrencies.
- Ether must close the day above $1,500 to validate the uptrend to $2,000 while on the downside support at $1,200 is crucial.
Ethereum is among the best-performing cryptocurrencies in the market after a gruesome end of the week. The weekend session was characterized by consolidation across the board but Ether bulls focused on regaining complete control over the price.
Data by CoinMarketCap shows Ethereum trading 16% higher at $1,430. Recovery from last week’s low of $1,145 has been consistent. Various hurdles have been broken to pave the way for the accrued gains including the 100 Simple Moving Average, the 50 SMA on the 4-hour chart, and $1,300.
The biggest milestone has been trading above $1,400 and achieving a new record high of $1,481. A glance at the short-term chart highlights the growing bullish influence as bulls fight for action beyond $1,500
The Relative Strength Index is not quite overbought yet, hence the availability of room for growth. The upswing to $2,000 will be validated if Ethereum closes the day above $1,500. Besides, establishing higher support will call for more buy orders which in turn will increase the tailwind behind Ethereum.
ETH/USD 4-hour chart
For now, the least resistance path is upwards, however, sustaining the uptrend above $1,400 will play a key role in the remaining journey to $2,000. Note that failure to hold at this higher support may increase overhead pressure on ETH/USD.
On the downside, support is anticipated at $1,300, $1,200 and $1,100. The 50 SMA and the 100 SMA will also absorb the selling pressure. Immense support is accorded to the pioneer altcoin, further validating the uptrend.
Ethereum intraday levels
Spot rate: $1,430
Relative change: 34
Percentage change: 2.4%