Ethereum [ETH] has emerged as one of the best-performing assets as renewed bullish momentum catalyzed upside potential. The weekly gains for the world’s largest altcoin totaled 23.53%. The crypto market led a new charge of strength as the cumulative valuation of a whopping $1.55 trillion. Both Bitcoin and Ethereum have rallied in the past week, but the latter exceeded in terms of trading volume as it grew rapidly in the first half of the year.
Over the past 24-hours, Ethereum [ETH] was up by approximately 5% which pushed the price to $2,306.3. At the time of writing, the crypto-asset recorded a market cap of $269.6 billion and a 24-hour trading volume of $22.2 billion.
Ethereum [ETH] Daily Price Chart:
The volatility in the Ethereum [ETH] market has increased after seven straight days of green ascending candles. Since May-lows, the crypto-asset has been oscillating in a descending triangle pattern and exhibited no definitive trend while fortifying its support for the most part. The triangle transpired as the losses were maintained above a defensive region of $1,808. However, a breakout from this pattern would mean that the crypto-asset could see more losses over the coming days.
The moving averages did not help its case either. A death cross lurks close despite the 50 DMA [Pink] and 200 DMA [Yellow] falling below the ETH price candles. Moreover, it also needs to steer clear of the 100 DMA [Blue] which continued to act as a crucial resistance level.
The indicators, however, depicted a completely different picture. The green bars of the Awesome Oscillator [AO] flipped above the half-line suggesting an increasing bullish momentum. The Chaikin Money Flow [CMF] also surged exhibiting a rise in capital inflow to the coin market. The RSI also surged to the 60-mark after more than two months as buying pressure kicked in
Ethereum market was increasingly bullish at press time. Considering the above factors, the price could see a short-term dip before its next upcycle. The resistance levels that the asset could target are $2,535, $2,895, and $3,380 respectively. The support level, on the other hand, stood at $1,808, and $1,406.