Ethereum has in the last 24 hours gone explosive. In a near vertical move, Ethereum has climbed from under $245 to reach a top of $265. By doing so, it has gained nearly 10% over the U.S dollar and around 7% over Bitcoin. Since topping at $260 earlier today, bulls seem to have taken a breather leading to a contraction to around $262.
To keep up the revival, the bulls need to set higher support at $260 while lower support sustained above $250. This key psychological position is the main motivator for Ethereum holders to sell or hold. Dips below it being bearish while breakouts draw confidence to target higher highs of $500.
Although the bulls have slowed their surge, Ethereum still has much room to grow. As such, prices will likely hit the $280 resistance during this bull phase before there are strong pullbacks and tests of lower supports.
With it, Ethereum seems to have pulled a number of altcoins. The general outlook shows that most top coins are in the green zone with gains ranging from 1% to 7%. This positive performance from altcoins extends the gradual fall of Bitcoin’s market dominance. It now stands just above 61%.
Bitcoin Also Ready For Breakout
Bitcoin has in the last 24 hours gained nearly 2% and climbed above $9,500. The bulls are struggling with this position, with every push above it being resisted and a dip following. However, if a decisive push can get Bitcoin over $9,600, Bitcoin will be poised for a breakout of its current long term range.
The $9,600 lower high will revive optimism at breaking above the $9,800 higher resistance and lead to another test of $10K. There is an expectation that in the next breakout, the Bitcoin price movement will be violent with targets set on $12K on the higher side and $7K on the lower. Current sentiments show that the bulls outweigh the bears on where the asset will go next.
Despite the bullish moves and outlooks, trading volume is still dawdling behind which could suggest that the current rallies are unsustainable. Depending on how this changes in the next few hours and days, it will be more clear if investors are backing the latest move. For now, the crypto community is just excited it is another green day in the crypto market, and though slow, volatility seems to be coming back.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
