At $3,261.86, Ethereum has been in a holding pattern for some time. It can maintain its position at the $3,200 resistance level. It does, however, coincide with a period when Bitcoin is increasing in value. With the current price of $56,562.29, Bitcoin is about to challenge the $60,000 barrier level. Bulls believe that ETH will pave the path for a future increase in value.
Its latest achievement is acknowledged as a multi-month high. If ETH doesn’t rise anymore, it’s 100-hourly SMA, which is at $3,175; might be the next resistance. The support margin is anticipated to be $3,150, but it might rise as soon as possible to $3,320 or $3,450.
Ethereum’s performance is still above the 23.6% Fib retracement level, nevertheless. The 61.8% Fib retracement level, with low and high swings of $3,041 and $3,274, respectively, is also in proximity to the trend line.
Positive technical indicators are present. Hourly RSI and Hourly MACD are included in this. Because it is in the positive zone, the ETH/USD pair is moving up in the former. The hourly RSI is higher than 50. The same sequence has been applied to the Major Support Level and Major Resistance Level, which are $3,150 and $3,250, respectively.
Currently trading at $3,266.55, Ethereum has increased in value by 6.64% during the past day. By the end of this year, the coin is expected to trade at a value of above $5,000, according to ETH forecast. An alternative estimate for the two is $4,700. As this post is written, the 24-hour volume is worth 54.54% more than it was.
Ethereum has gained over the past day, but the increase is less than that of BTC, which has climbed by 10.56%. While it did reach $57,000 in February, the price of bitcoin is currently only around $56,000. The monthly comparison, however, demonstrates that ETH has really increased dramatically (44.27%). BTC followed suit, rising 35.64% over the previous 30 days.
Analysts have stated that as Bitcoin rises in the rankings, Ethereum is solidifying. The impending Bitcoin halving or potential Ethereum activity could raise the value. Its duty is to maintain the $3,200 level. A decline below the margin would trigger resistance at $3,000 and subsequently $2,700. Bulls believe that the price of ETH will rise sharply.
The 24-hour volume has climbed by 100.56%, while the cryptosphere’s entire market cap has increased by 8.15%. Although Ethereum is now trading at a lower price than Bitcoin, this could change in the near future. Initially, the goal is to stay up with the rent increases.
