The global cryptocurrency market went on a solid recovery and surpassed the $1.47 trillion in valuation. Ethereum [ETH] too broke to the upside following the renewed market momentum that extended its weekly gains to 24.90%. With the latest recovery, the digital asset reached a level that was last seen right before the mid-June correction. As the volatility in the market grew, it will be interesting to see whether there is more room for growth.
Over the past 24-hours, Ethereum [ETH] was up by 6.29% which drove its price to $2,328. At the time of writing, the crypto-asset registered a market cap of $272 billion and a 24-hour trading volume of $19.13 billion.
Ethereum [ETH] Daily Price Chart:
After undergoing a substantial recovery, Ethereum candles climbed above the 200 DMA [Yellow]. However, they were still below the downsloping 50 DMA [Pink] and the 100 DMA [Blue] which recently suffered a bearish crossover. This trend resulted in a minor pullback for the crypto-asset. On the brighter side, the current phase depicted strength which could help in catapulting ETH price candles above the moving averages.
The latest uptick in the trading volume can aid in exploring more upside potential.
Despite the uptrend, the Chaikin Money Flow [CMF] appeared to be struggling above the half-line as the inflow of capital into the coin market hit a hurdle. The MACD, on the other hand, depicted a phase of increasing buying demand in the market. The RSI, too, finally made a headway above the 50-median line after more than a month demonstrating a sentiment of slowly rising buying pressure in the market. The indicator had previously settled close to the oversold condition after May’s aggressive dip.
The above chart depicted the price gaining traction as several indicators flipped bullish even as the sellers continued to attempt in sinking the crypto-asset. Ethereum needs to breach the 50 and 100 DMAs to target crucial resistance levels of $3,517, and $4,170 and reclaim its yearly highs. Contrarily, the support levels were found to be at $2,102, $1,805, and $1,424 respectively.