Second largest cryptocurrency by total market capitalization Ethereum (ETH), It survived despite the blow of the leading cryptocurrency Bitcoin (BTC).
While it was below $ 60,000, which is the psychological support for Bitcoin, it did not go below $ 4,000, which is seen at the same level for Ethereum. ETH It is currently trading at $4,260 and has even managed to gain 4% in the last 24 hours.
Latest Status for Ethereum
While BTC has lost 4% in the last 7 days, Ethereum’s 3% increase shows that the direction of the correlation between the two is negative. So what does this mean for Ethereum?
Looking at the Ethereum technical analysis, it can be seen that $ 4,050 is an important support and ETH is on the rise from here. If the ETH price can rise above $ 4,325 after this, it can start its journey towards $ 5,000 again.
The 100 hourly simple moving average is located near the $4,200 level and ETH has already managed to push itself above it. A break above $4,205 for Ethereum actually means that the $4,325 resistance will be tested soon.
The top of the 23.6% Fibo point on the ETH chart stands out at $4.386, and the breakdown of the triangle formation formed here may provide a pennant-like rise again. If BTC price remains stable here, another target of Ethereum will be $4,850. Altcoins can also follow ETH in this context.
*Not Investment Advice.