Ethereum is launched. While the price of Bitcoin closes the week in the red below $52,000, Ethereum records a bullish week with a close at around $3,100. Will the price of Ethereum continue its rise? We take stock of the situation of the prince of cryptocurrencies in today’s bulletin!
Ethereum price climbs 2.3% in 24 hours
Ethereum displays green in all time units, and even against the king of cryptocurrencies:
In fact, the price of Ethereum climbs 2.3% in 24 hours and more than 5% in one week. Also, ETH is up by almost 40% in one month. In parallel, ETH outperforms Bitcoin since several weeks.
Ethereum back on weekly resistance at $3,100
Thanks to a closes around $3,100the ETH price continues a fourth week in a row in the green. Thus, theascent continues for the prince of cryptocurrencies:
From now on, buyers will have to break resistance at $3,100 to return to the level of next resistance located at $3,500. This is located in shorts reload area (0.618 – 0.786 Fibonacci retracement), an area where sellers will have the opportunity to take control. In case of rejection on the $3,100a return to the support at $2,800 is possible. The RSI is bullishbuyers have control of the momentum on a weekly basis.
Back to $3,250 for Ethereum?
If buyers defend the level at $3,080the price could continue to rise and return to the level of the resistance at $3,250. To do this, we will have to react at the level of institutional bias (EMA 9/EMA 18) bullish :
If the sellers show up, a return to the level of support at $2,930 is possible. For the moment, the momentum is bullish and buyers have the upper hand in the short term. On the other hand, the RSI marks a bearish divergence with the fence below 52. A shortness of breath signal for ETH?
The price of Bitcoin oscillates between $50,500 and $52,500, but Ethereum continues with a new bullish week. ETH is back at the weekly resistance level at $3,100. This will have to give way to see the asset in the shorts reload zone. In the short term, buyers will have to show themselves at the level of the upwardly oriented moving averages 9 and 18 to hope to see ETH back at $3,250. The prince of cryptocurrencies is doing well a few weeks before the Bitcoin halving.