The crypto market cap hit $ 1.92 trillion in September, an increase of nearly 4% compared to previous trading sessions. The volume of the cryptocurrency is also increasing.
Ethereum (ETH) is a cryptocurrency owned by an Ethereum platform that is traded via the decentralized application networks called “dapps”. As of May 2021, it will be the second largest cryptocurrency alongside Bitcoin. It has a market capitalization of approximately $ 354.15 billion with a floating volume of $ 117.74 million.
After the slump in June and July, ETH created a “W pattern” on the daily chart. From March 25th to May 12th, the broader range analysis showed a sustained uptrend with higher highs, ending at $ 4,384, which was quoted as the ETH 52-week high. The next breakout of the $ 2,334 mark saw Ethereum surge to a high of $ 4,000.
Data from last week’s technical chart shows the coin rose 1.59% on Wednesday, trying to offset Thursday’s losses. The Doji formed on the September 29th chart has started an uptrend that is continuing. Today the green candle traded in a range between $ 2967 and $ 3115 for the day. As of IST 13:00, ETH tested USD 3087 by breaking the USD 2924 resistance. The second resistance level of $ 3,030 was also tested on the same day with a market volume of $ 41,334,000.
Thursday’s trading segment closed the 38.2% FIB retracement level at USD 2740, the 23.6% FIB retracement level must be covered at USD 3369 before the previous swing high can be broken. Etherium price trades above its 200 EMA and tests the levels of 20 EMA and 50 EMA after IST 13:31 and expects ETH to cross the 20 EMA itself in today’s trading session.
The RSI on the daily chart is at 48.93, which has entered the buy zone. And on the MACD chart, the MACD line crosses the signal line, which will happen soon, when ether is bullish for the upcoming trading hours.
Ethereum managed to generate a return of around 4% for its traders in the last week. EMA, along with other indicators, shows strong support for ETH in another upward move, which is a good sign for Ethereum enthusiasts. An uptrend for a short while continues for crypto after the recent swing low above $ 3,174 will be a confirmed sign for traders to test the next major resistance level of around $ 3,780. In view of the technical chart setup, traders can look forward to a short-term buying opportunity in ETH according to ours ETH price forecast.