Ethereum is now trading at $ 1,630, up 8.40% in the last 24 hours.
The coin outperformed the cryptocurrency market, which gained by 4.08% within the same time period. Today, ETH outperformed BTC, gaining 3.10% against the world's largest cryptocurrency.
Ethereum is surpassing Bitcoin in terms of price movement. It closed above and took the bearish trendline from the August highs as support.
The continuous recovery in the price of Ethereum continues to break down higher resistance levels and recover lost ground. The cryptocurrency just broke beyond the psychological level of $1600, providing another breakthrough potential for sideline buyers
During the current crypto market rebound, the Ethereum coin price managed to break away from its prolonged consolidation between $1400 and $1250. The cryptocurrency has gained 29.10% in the last nine days, reaching its current price of $1630.
A rounding bottom pattern is also seen on the daily technical chart. This bullish pattern is often spotted in the market bottom and can boost continuous buying pressure in the ETH price.
Ethereum began to rise steadily over the $1,450 and $1,500 resistance levels. ETH even broke beyond the $1,550 barrier and closed above the 50 hourly simple moving average. Price was trading over the $1,600 barrier level. A high was formed near $1,652.
Unlike Bitcoin, the price of Ethereum has managed to break over the 0.382 Fibonacci retracement level from the August highs. The ETH price is now maintaining support at the 0.382 level. Not only that, but it has closed above the 100-day simple moving average.
The primary resistance is now located between $1,700 and $1,800. The region has a Fibonacci retracement of 0.618 and September swing high resistance. The 200-day simple moving average (SMA) is the main barrier. Since April 2022, Ethereum has not tested the 200-day SMA.
According to Price Analysis, the market capitalization of this ETH is expected to be $199,374,199,696. The coin's 24-hour trading volume is roughly $21,660,109,773. The market capitalization of Ethereum has risen by 8.01%. However, trading volume decreased by 5.36% during intraday trading.
On the upside, $1660 is an immediate resistance level. Near $1,700, the next significant resistance level is forming. A strong move above $1,700 could lead the price to break through the $1,760 resistance level. Any further gains could pave the way for a near-term move towards the $1,800 resistance level.
If ethereum fails to breach the $1,660 mark. The next major support is nearly $1,600. The next level is near $1,550, and the 50 hourly SMA provides initial downside support. Ether's price may fall to $1,510 if it falls below that level. Any further losses could force a short-term move to $1,450.
KEY LEVELS :
RESISTANCE LEVEL : $1,700-$1,780
SUPPORT LEVEL : $1,580-$1,510
ETH is facing stiff resistance at the $1600 level, however buying pressure was seen in ETH today, and the level was broken with high volume. Will ETH hold over $1600? Could you kindly give your opinions?
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