The market cap of the overall crypto industry was seen at a high of $1.42 trillion. Ethereum’s journey to $200 billion along with Bitcoin hitting $876 billion undoubtedly played a huge role in this. Bitcoin [BTC] was done taking a break as the king coin was seen surging over 5% in the last 24-hours which pushed the asset over $47K. Almost every other cryptocurrency was seen riding the bull. XRP had fallen in terms of crypto ranking, but the bulls in its market kept pushing the altcoin’s price forward. The last few days have been extremely beneficial for Cardano [ADA], however, the coin seemed to be taking its own time to hit $1.
Ethereum [ETH] had the community’s hopes up high after the altcoin hit a high of $1,826.70. Yet, the asset kept retracing back to $1.7K throughout the week. At the time of writing, ETH was trading for $1,753.03 with a dainty 24-hour price increase of 1%.
Ethereum [ETH] Short-Term Price Chart
The bears had entered the one-hour price chart of ETH. The Parabolic SAR indicator had toppled the dotted lines from below to above the candlesticks. This further stood as a strong line of resistance for any possible upward breakout. The Awesome Oscillator formed dainty red closing bars which indicated bearish momentum. The Money Flow Index revealed that there wasn’t a lot of trading activity in the ETH market.
Ethereum [ETH] Long-Term Price Chart
The one-day price chart of ETH on Binance revealed that the bulls were still in its market. The MACD line took over the signal line earlier this month and this trend has prolonged ever since. The Chaikin Money Flow indicator was well above zero which suggested that ETH was in the bullish realm. The Relative Strength Index indicator exhibited a strong buyers’ sentiment.
While this hinted that ETH could possibly hit $2K, the short term price chart of the altcoin pointed out that this could take some time.