It is no secret that the virtual currency market has the tendency to trend upwards whenever the weekends are approaching. This phenomenon has been reoccurring for the top digital assets. Last weekend it was Bitcoin. The market watched as Bitcoin went through a correction after reclaiming price levels over the $9,000 mark. It went from there to form new highs for this year.
However, before investors began to get used to Bitcoin price hovering over $9,000, the largest digital asset once more increased to attain a new yearly high of $9,806.98. Today’s focus will be on Ethereum. Ethereum has also done well as we enter another weekend of crypto trading.
Ethereum (ETH) Price Today – ETH / USD
Ethereum Price Has Been in Tandem With the Movement of Bitcoin Price
The second biggest digital asset by market capitalization Ethereum hasn’t been left behind. As is always the case, Ethereum price is in tandem with the price action of Bitcoin. Ethereum soared to reach highs above the $280 mark. $280 was initially a hurdle that proved very hard for the bulls to enter earlier in the concluding week. But, a new weekly high formed at $287.15. However, there was a retracement where ETH/USD is exchanging trades at $286 as of press time.
Meanwhile, a close look at the hourly chart of the ETH/USD pair, Ethereum is trading over the 100 day Simple Moving Average. This position is offering support for ETH/USD at $270. The price surge this Friday has its roots supported by the pattern in addition to RSI (Relative Strength Index). RSI points towards further correction despite Ethereum’s current overbought positions.
Ethereum Price Can Reach New Highs for This Year
The MACD (Moving Average Convergence Divergence) point is moving further upwards in the positive area via the charts. Apart from that, the increasing divergence to the upward region suggests that the price of Ethereum has the potential to grind and reach new yearly highs. The price of the coin can even touch the $300 mark in coming trade sessions.
As long as all of the technicals stay in place or remain intact as they appear at the time publishing, Ethereum’s bulls, are back and are looking unstoppable. This could propel the price of the digital asset to move past the $300 mark. If it does not defend a bigger support pattern. The former resistance position at $280 has now turned into a support zone at $270. Although it is still the root of the current price surge for the digital asset. While the $260 position will play a key role in preventing any extended price declines.
MACD Pattern For ETH/USD Shows That the Bulls are Gaining Momentum
The MACD line is in an increasing divergence point in the positive area. This is an indicator of the rising influence of the bulls. While RSI for the ETH/USD pair shows that the bulls have ignored the overbought positions as Ethereum’s price continues to increase. The 100 day Simple Moving Average is providing legs for the price surge at $270. Ethereum is bullish in the near term. The coin could offer good investment in the long-term if the current price action extends.