Ethereum (ETH), the second largest cryptocurrency by total market cap, started to give positive signals again and broke above the $4,000 resistance.
Ethereum Price Rises Again
Ethereum price It has achieved a 4% increase in the last 24 hours, and with this performance, it actually surpassed even the performance of the leading cryptocurrency Bitcoin.
It is seen that the 24-hour trading volume of ETH is $26 billion, while BTC is $33 billion.
In fact, even this gives clearer information about the performances of the two cryptocurrencies, which have a half-trillion dollar total market cap difference between them in the last 24 hours. It is a well-known fact that especially the last rally starts with the bullish attacks coming from the ETH.
So what awaits the Ethereum price from here?
Ethereum actually managed to pass the critical resistance point by climbing up to above $ 4,000 again and has secured itself for now.
The $4,000 point on the ETH chart, which coincides with the 100 hourly moving average, can act as a strong support as well as a ladder to reach other resistance points.
ETH can test $4,135 from here, followed by $4,300. If $4,300 is exceeded, $4,750 will definitely be the most critical resistance point.
Especially after the FED’s statements, we observe that the risk appetite in the market has slightly increased. BTC crossing the critical threshold of $51,000 – $52,000 will undoubtedly lead to the start of a new rally in ETH.
On the other hand, on the Ethereum side, the RSI and MACD are giving positive signals, indicating that the uptrend may continue.
In a downside scenario, ETH price could retest the $3,920 and $3,880 support points, and if it fails to hold here, it could drop to $3,550. For this reason, investors who invest in altcoins should also keep an eye on BTC. Because if BTC falls below the weekly MA50, which some analysts say, we can see a serious regression.