Ethereum has broken through yesterdays key resistance level of $227, reaching a high of 232.95 after climbing from a low of 205.07 earlier this morning. The growth represents a 33 percent increase in the Ethereum price over the past seven days and is now close to eclipsing Bitcoin’s recent gains. It is also now at it’s highest level in almost eight months, having last been at this price around late September last year.
Having crossed resistance and broken out of the ascending channel it has been following since the year began, ETH now looks set to continue upwards to the second upper channel resistance at $257. However, if the momentum doesn’t hold and there is a trend reversal, the Ethereum price should find support around $160.
Towards the end of the day yesterday, several traders and analysts voiced their positive sentiment towards Ethereum. Popular crypto Twitter trader @TheCryptoDog noted he is long ETH/USD and sees $300 as a long-term target. CryptoFibonacci envisions a retrace from resistance at $255 but then continued upward movement as an ascending triangle forms.
Jacob Canfield, the co-founder at Signal Profits, is also very bullish on Ethereum and echoes TheCryptoDog’s longterm goal above $300. In a Twitter post, he reveals the similarities he has noticed between ETH’s movements today and back in 2017.
Ethereum Price improving against Bitcoin (BTC)
As the altcoin market takes control, Ethereum is up 6.76 percent against Bitcoin. It’s currently trading at 0.0289 against BTC, up from a low of $0.0245 yesterday. While RSI and the majority of technicals are neutral, Ethereum is still in relatively high overbought territory, with the 100-day and 200-day moving averages suggesting an impending retrace to lower levels if buying power fades.
ETH/BTC is currently touching initial resistance at 0.029 (price congestion) and will face stronger resistance at 0.030, the EMA50. However, a rise above 0.034 should indicate a strong bullish move and will see greater gains for Ethereum.