The crypto industry has recorded a significant upswing over the past day by adding over 3.5% to its market cap. Further, the market leader, Bitcoin price, has successfully achieved its $50K mark, with ETH price adding over 6%, highlighting a bullish influence in the market.
The Ethereum price traded in a narrow range between $2,184.27 and $2,250.59 for a while, following which the bulls gained momentum and recorded a jump of approximately 8% in valuation. After this, the ETH price experienced a pullback in the chart, but the bulls held the price above the support level of $2,250, resulting in a bounce back.
The Ethereum price jumped 20% in value, after which it faced rejection at $2,660. The price then traded sideways for a while, indicating a cool-off in the price action. As the market volatility grew, the price broke down the support level and traded between $2,412 and $2,539 for the next nine days.
Following this, the ETH coin recorded another correction of approximately 9.5%, after which the price traded in the narrow range for a while. After multiple failed attempts, the bulls regained power, broke out of the resistance level, and traded sideways for a brief period.
Recently, the price broke out of its resistance level of $2,330 and started trading under a bullish influence, adding over 7%. Further, the Ethereum coin price added over 5% within the past 24 hours, indicating a strong bullpower in the crypto space.
Will ETH Price Go Up?
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the buying pressure within the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value and test its upper levels in the coming time.
If the market pushes the price above the resistance level of $2,700, the ETH price will prepare to test its upper resistance level of $2,850 by the weekend. Moreover, if the bulls maintain the price at that level, the Ethereum coin will prepare to test its resistance level of $3,000 in the upcoming weeks.
Conversely, if a trend reversal occurs, the ETH coin price will lose momentum and fall to test its support level of $2,539.3. Further, if the bears continue to overpower the bulls, the Ethereum price will plunge and prepare to test its lower support level of $2,412.23.
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