Ethereum is the leader right now while most large coins stay flat. The marked rise in Ethereum’s market share was certainly a plus. The digital asset has risen from a 7.5 percent dominance to a new high of 13 percent since January 2020. The spot price of the Ethereum is up 11.30 percent from the low level of $376.46 in the last 24 hours. Over the past month, ETH and the broader crypto market exhibited definite signs of intensity with a 100 percent increase. Making strides today, its price crosses a $440 mark after ETH/USD rallied at $445 to fresh-year highs. At the time of publishing, it stands at $439.92 as it attempts to smash the historic resistance level at $450. The spike in daily gains was due to the increase in ETH prices resulting in high gas fees within the network. This has led to a massive increase in revenue for the Ethereum Miners which has seen the daily profit hit a high of 27 months.
*The spot price of the Ethereum is up 11.30 percent from the low level of $376.46 in the last 24 hours
*Making strides today, its price crosses $440 mark after ETH/USD rallied at $445 to fresh-year highs
*The spike in daily gains was due to the increase in ETH prices resulting in high gas fees within the network
Key Levels
Resistance Levels: $500, $485, $450
Support Levels: $390, $360, $335
ETH/USD Daily ChartThe ETH/USD pair is holding steady at the price level of $439, since topping at $445 after the bullish assault of the prior day. The first resistance level is beyond the market price at $450, then the second at $485 and the third at $520. The first significant level of support is $390 beneath the market price, then the second at $360 and the third at $300.
The RSI on the daily chart proceeds to traverse upward, though the moving averages turn upward from the flattening mode and might follow the lead of Ethereum and rise sharply. The ascending trendline on the daily chart reveals a strengthened base, while the bears lose some power.
ETH/USD 4-Hour ChartFollowing several technical advances from the $400.00 MA 50 launch pad, Ethereum is scrambling to retain significant resistance to its short term price surge. Lower timeframe analysis results consistently show that the ETH/USD pair is stuck between $400.00 and $450 level within the upside channel. A breakout beyond the $450.00 mark may spark an intense rally toward the $500.00 range in the ETH/USD pair.
ETH/USD leads the weekend session, despite being technically and fundamentally stable. Short term indicators like the RSI and the MA 50 convey bullish signals. The ETH/USD pair is only bullish while exchanging beyond the level of $360.00, the main resistance is seen at the levels of $450.00 and $485.00. If the ETH/USD pair exchanges beneath $360.00, sellers may test the support levels of $335.00 and $300.00.
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