Ethereum (ETH) is rising over a long-term falling trendline to indicate a reversal. The digital currency was recently trading below a descending channel and it has closed over this falling resistance to indicate a pending reversal.
The values of the digital currency have also formed higher highs and higher lows to start building an ascending channel. The price of the coin has also moved halfway over the mid-channel territory to signal strengthening momentum.
Ethereum (ETH) Price Today – BTC / USD
Ethereum (ETH) is presently trading at $476 after an increase of 5.13 percent over the past twenty-four hours. The market cap of the digital currency has risen to $47.99 billion and its trading volume over the past twenty-four hours is $1.97 billion.
Ethereum Technical Analysis
The longer-term 200-Day simple moving average is above the 100-Day simple moving average, and this indicates that the path of least resistance heading downwards. This means that there is still a chance for the sell-off to resume instead of to reverse.
Nevertheless, the space between the MAs has closed enough to indicate a looming upside crossover. In that case, the digital currency could see more bullish pressure that would help to sustain the increase, even over the resistance at the $520 mark.
Relative Strength Index
The relative strength index is hovering around the overbought territories, and this means that buyers are exhausted from the climb and they may soon be looking to book profits. The stochastic oscillator is signaling overbought conditions, and if it heads south, the selling pressure might return.
If the bullish pressure is strong enough to push the value of the coin over the $550 level, this could open door to more gains towards the $1k level. The bears in the market over the past twenty-four hours seem to have a lot of pressure, as a lot of digital currencies are presently in the green. Even the market cap of the entire crypto market is also on the rise, as it has gained over $15 billion in less than a day.