The cryptocurrency market has been on an upward trend since the beginning of the year. The largest asset by market cap has rallied above its yearly high and is only a few dollars away from its all-time high. Ethereum is up by nearly 6.4% on the day, at $1,240.73, while Bitcoin Cash is up by more than 3% at $1,099.53.
It was a crazy morning for the crypto markets as ETH (Ethereum) surged above $700 a coin. At the time of writing, ETH is trading around $735. This price surge is attributed to an announcement from the Ethereum Foundation stating that the organization will be sponsoring ethereum security audits, as well as some new partnerships.
The Ethereum price is showing steady growth this week, as the total market cap of all Ethereum-based tokens grew to an all-time high. As the price of Ethereum has risen, so too has the value of all the ether-based tokens on the market.. Read more about why ethereum is going down today and let us know what you think.
Ether rebounded by more than 5% yesterday to reclaim the $2k mark, and is currently trading just below it.
Yesterday, the cryptocurrency market fared well, with Bitcoin breaking over the $30k barrier to trade above $32k for the first time. Following its losses on Tuesday, Ether rebounded by more than 5% Wednesday.
ETH was trading at $1,996 per coin at the end of Wednesday. It started out on a negative note on Wednesday, dropping to an intraday low of $1,754.27 before rallying. ETH avoided the 62 percent FIB of $1,725 as well as its first major support level of $1,724. Ether reached a late intraday high of $2,033.16 during the rise.
Despite the fact that it has fallen below the $2k barrier once again at the time of writing, Ether seems to be on the verge of a comeback, particularly if it receives backing from the wider cryptocurrency market.
#Bitcoin is approaching the range in which we’ve been trading for days.
That range’s resistance seems to be nearing.
All is fine as long as #Bitcoin remains over $31K. pic.twitter.com/b6YQxqWNfQ
July 21, 2021 — Michaal van de Poppe (@CryptoMichNL)
ETH Price Predictions
The 4-hour chart of ETH/USD is now extremely optimistic, with the market’s overall momentum likely to drive it higher in the next hours. To break over the first big resistance level at $2,102, ETH would have to stay above the $1,928 pivot point.
If the wider crypto market backs ETH, it may easily exceed Wednesday’s high of $2,033.16 and reach $2,050. The first big resistance level will likely restrict additional gains unless the market rallies for a long time.
Chart of ETH/USD. Coinalyze is the source of this information.
However, if the crypto market as a whole rallies, Ether may test the $2,250 barrier level before a retreat. The second significant resistance level for the cryptocurrency is $2,207.
If Ether falls below $1,928 on the other side, bulls will be forced to defend the first key support level at $1,823. Ethereum could easily remain away from its 62 percent FIB of $1,725, with the second key support level presently lying at $1,649.
As of writing, Ethereum is sitting at a value of $1,569. Looking to cap off the rally is the absence of a strong pullback as well as the ETH’s current hash rate. The recent rally seems to have put a cap of at least $2,000 on the price, suggesting that the rally could extend further if the price can manage to break above $2,000.. Read more about will ethereum recover june 2021 and let us know what you think.
This article broadly covered the following related topics:
- why ethereum is going down today
- should i invest in ethereum 2021
- ethereum prediction 2020
- ethereum rebound
- ethereum price prediction 2050