New all-time highs for Ethereum [ETH] was close as it amassed over 61% gains over the week. Extended rallies have further strengthened the ongoing bullish momentum and the coin entered the list of top 100 assets in the world by market cap.
After hitting reverse, the crypto-asset fell close to a support level above $1,100 and bounced back again in the early hours of Thursday. Ethereum rose by 5.85% over the last 24-hours which drove its price to $1,218.3, at the time of writing. It recorded a market cap of $138 billion and a 24-hour trading volume of $41.78 billion.
The latest bullishness in the market has massively invalidated many short-trade setups, hence short positions could be deemed as risky in the present scenario. Having said that, Ethereum had earlier left major resistance levels untested. Is it ready to go for another bullish spin?
Ethereum [ETH] Daily Chart:
After an astonishing surge, Ethereum has managed to continue its uptrend in no apparent pattern. The rising price was supported by the moving averages which resisted a potential downtrend. The 50 DMA [Pink] continued to outpace the larger moving averages as it closely followed the price. The 100 DMA [Blue] also mimicked the price action along with the 200 DMA [Yellow] which hovered below it.
Another positive indicator for Ethereum’s price trend was the gauge between the DMAs which has continued to remain uniform suggesting no likely hurdle or reversal in the current bullish phase.
MACD was significantly bullish as it rose above zero after establishing a bullish crossover on the 27th of December. The extended positive trend demonstrated a strong possibility of bulls outpacing the bears and help weaken potential sell pressure in the market.
The Stochastic RSI was, however, in the overbought region and so was RSI which depicted a positive momentum but a formation of a local top and a coin dump session in the coming days.
In the wake of the recent run, if Ethereum manages to sway bulls in its favor, it could target the nearest resistance levels of $1,296 and $1,386 respectively. However, if bears battle it out, the crypto-asset could retrace its steps to its immediate support level of $960.7. A breach below this level appears unlikely. However, another support level was found at $660.