Ethereum has been stalled for a while at the value of $3,261.86. It manages to stick to the current resistance of $3,200. However, it comes at a time when Bitcoin is pulling its value to a higher mark. Currently exchanging hands at $56,562.29, BTC is poised to test the resistance of $60,000 soon. As for ETH, bulls are optimistic that the token will navigate a way for a further rise.
Its recent feat has been recognized as a multi-month high. Its 100-hourly SMA is at $3,175, potentially the next resistance if ETH does not climb any further. The support margin has been drawn at $3,150, with an estimated increase to $3,320 and $3,450 in the short term.
Nevertheless, the performance of Ethereum is above the 23.6% Fib retracement level. The trend line is also close to the retracement level of 61.8% Fib, with low and high swings of $3,041 and $3,274, respectively.
Technical indicators are positive. This entails Hourly MACD and Hourly RSI. ETH/USD pair is gaining momentum in the former as it resides in the bullish zone. Hourly RSI is above the 50 level. Major Support Level and Major Resistance Level have been identified at $3,150 and $3,250, respectively, in the same order.
Ethereum can be seen exchanging hands at around $3,266.55, with an uptick of 6.64% in the last 24 hours. ETH prediction estimates the token will trade at a value of more than $5,000 by the end of this year. An alternate estimate is $4,700 for the pair. The value of the 24-hour volume has soared by 54.54% at the time of writing this article.
While Ethereum has increased in the last 24 hours, the jump falls behind the rise of BTC, which stands at 10.56%. Bitcoin did surpass $57,000 in February but is now down to around $56,000. However, the monthly comparison shows that ETH has indeed gained significantly (44.27%). BTC rallied behind with a rise of 35.64% in the last 30 days.
Analysts have said that Ethereum is consolidating while Bitcoin is climbing the ladder. What could increase the value is the upcoming Bitcoin Halving or the eventual activity on Ethereum. Its task is to sustain the level of $3,200. A fall below the margin would invite the resistance of $3,000 and then the resistance of $2,700. Bulls are optimistic that ETH will experience a surge in value.
The overall market cap of the cryptosphere is up by 8.15%, and the 24-hour volume has increased by 100.56%. Ethereum prices are rallying behind BTC, but it could catch up in the times to come. The initial attempt is to keep up with the rent rise.
Source: https://www.cryptonewsz.com/bitcoin-pulls-up-as-ethereum-stalls-for-while/