Analysis

Ethereum [ETH] breaches $142.740 key resistance, approaches overbought territory

Ethereum [ETH]

The surge that the cryptocurrency market witnessed for the past two days seems to have come down and a general sense of calm and normalcy has been restored to the proceedings. The total crypto market cap is up by nearly $11 billion and currently sits at $134 billion. The flag bearer of the crypto community, Bitcoin is up by 0.83 percent in the last 24 hrs and is trading at $3,962.91, which is just below the $4000 mark. Ethereum [ETH] has made a big splash in the past two days and it achieved its one-month high mark of $138.12 on Tuesday. It has been one of the best performers for the past seven days, second only to EOS which achieved a spike of 30 percent. At the time of print, the coin is trading at $144 and is riding high on the bullish momentum. The total market cap of the ‘King of Altcoins’ is $15.2 billion which is well ahead of XRP which trailing at number three. The market is witnessing a relative calm and is trading sideways which is in sharp contrast to the frantic movement for the past two days.

ETH/USD

At the time of print, the support level for the coin stands at $105.5500 and the currency is trading well above it. The key resistance level for the coin is at $142.7400 and Ethereum [ETH] has breached the resistance and is moving upwards. Currently, the price of Ethereum is slightly below the minor resistance area at $160 and facing close resistance from the 50-period MA. The hourly RSI indicator for the coin stands at 56.0016 and is fast approaching the overbought territory. The MACD shows that the coin is slowly moving in the bullish zone after developing bullish divergence and the 100 EMA line shows an upward trend. If we take a closer look at the chart, we’ll find that the coin is all set to test the resistance at $160 later this week.

ETH/BTC

At the time of print, the coin is down by 2.43 percent and one ETH is equivalent to 0.03666532 BTC.

Latest Updates

  • Earlier this month, the alleged creator of Bitcoin, Craig Wright called Ethereum blockchain a rip off the Bitcoin and attacked the Ethereum blockchain on every level in a document submitted to the Commodity Futures Trading Commission (CFTC) on Friday. In a tweet on Sunday, Wright said, “Any use-case for ETH no longer exists following the confirmation by the @SEC_News on ICOs. All as I have been trying to say for years.”
  • In an interesting development last week, the 385-member association, Ethereum Enterprise Alliance (EEA) which aims to develop open, blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide announced that it is planning to form a ‘Token Task Force’. The ‘Token Task Force’ will work not only for assets which are interchangeable but also for tokens that are unique in nature like CryptoKitties.

See Also: Ethereum Foundation not mulling over spending $15 million on VDFs

Ethereum 2.0 beacon chain testnet development in full swing

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