- Ethereum posts new gains
- Ethereum price has grown by 140% since January 1
- The bull run is set to continue in the near-term
Ethereum News Today – a close look at the daily chart for Ether shows that the digital asset posted a new yearly high point. The coins price has added value since reaching its previous swing high of 120%. On January 15, the price of Ethereum was trading at $283. Ether eventually pulled back to reach lows of $255 after it reached the high price of $275. Yesterday, the Ether bulls posted gains pushing the price of the digital asset to highs of $290.
Ether has Gained 30% Against BTC
The price of Ethereum Gas has gone up by 30% w.r.t against BTC on the daily chart. Gas here means the underlying fee required of miners to fuel smart contract and transaction executions. It increased by nearly 120% from the swing lows of December 2019 to a high point of 0.00026 BTC.
August last year, saw the price of Ether begin a downfall. However, the coin’s usage has been considerably rising. Moreover, in the past, Ether’s price charts have dominated in terms of usage levels. Nevertheless, this recent push in ETH’s on-chain analytics is influenced by the bulls. Hence, we may see a few pullbacks, but the overall outlook of the digital asset remains in bullish territory.
While several indicators are pointing towards the over-bought position on the charts, analysts have continued to make bullish arguments on ETH/USD. One of the top chart analysts’ and trader known as Escobar tweeted about the bullish resistance areas and their expected targets. Currently testing two years of bear action looks like a huge double bottom reversal may play out. The first red line at $375 is a critical position for a macro bull run in Ether.
Ether has Had Resistance at $350-$375
ETH/USD High-Time frame resistance position stands between $350-$375 at press time. This area marks the 23.2% Fib Retracement point from the swing high above $1400 three years ago. At least two technical analysts agree on the High-Time Frame bullish resistance of the price of Ether before the $500 level.
Josh Rager, one renowned crypto analyst, and trader shared his view on Ethereum. He tweeted on the coin’s long-term bullish sentiments. According to him, the official “send it” position for the ETH/USD pair is breaking close above the $360 on high periods. For anyone who is looking to accumulate Ether, if you are not in at $360 then no need to FOMO because pullbacks will reoccur and there is more than enough time
Finally, the price levels are expected to present a huge resistance position to the ETH bulls. The one-sided upward movement is already due for a fresh pullback for some time now.