After an extended period of bearish sights, the cryptocurrency market seems to have recovered to close the week on a high. Altcoins seem to be enjoying the climb even more with bigwigs like Ethereum taking the cake. The world’s largest altcoin rose by a whopping 13.3 percent in the last week as daily gains crossed the 6 percent mark.
At press time, Ethereum was trading for $3542 with a total market cap of $413.93 billion. The respectable daily hike allowed Ethereum’s trading volume to settle at $28.69 billion. The cryptocurrency market’s dominance clocked in at 19.5 percent after its market cap stood at almost 5x to that of Cardano. ADA made news after its rapid climb to eclipse XRP as the third-largest digital asset.
Ethereum 1 hour:
ETH’s immediate support climbed sporadically after it settled at the $3151 mark. The largest altcoin held its forte strong against the bear’s momentum with the indicators siding with the bull.
Parabolic SAR: The markers stayed below the price candles with the green candles outnumbering the reds.
Relative Strength Index: Ethereum’s RSI climbed above the overbought threshold which meant that more people were holding onto their tokens rather than sell it.
Chaikin Money Flow: According to the CMF, Ethereum was able to miss the zero line with the help of the bull. This was also a sign of the capital influx overtaking the outflow.
Ethereum 1 day:
In the long term, Ethereum boomed upwards even when the rest of the market stagnated. The long-term support was lifted while the price action moved upwards.
Relative Strength Index: After staying near the oversold zone for a long time, Ethereum surged with the help of user investment.
Chaikin Money Flow: After it’s resurgence over the past week, ETH’s graph climbed even higher with a k-curve.
PSAR: The markers continued their hold under the movement as the bull took charge of the market. Analysts predict an increase in price if more people enter the ETH ecosystem soon.