Ethereum’s Ether is riding high on Bitcoin’s rally run earlier this week and aims to reach a crucial moment of resistance – $300.
Recently, Bitcoin has demonstrated resilience as the pricing surged from USD 9,3k to USD 9,8k. Ether soared from USD 225 to USD 246, so energy is seen from Ethereum’s popular coin.
Here is Ethereum’s coin chart that has outdone Bitcoin a lot. But can it catch up?
ETH faces the opposition of USD250 as the last obstacle before getting to USD300
The amount of around USD 215 and USD 220, the critical incentive to hold, saw a shirt check and an instant bump up. This means consumers are willing to move in and are driving up the demand dramatically.
All in all, ETH works at present over the daily averages of 100 days and 200 days – this is a sign of markets going up. In addition to that robust signal, recently, the volume increased.
Sometimes, volume precedes pricing, and an increase in volume indicates inflation, combining this aspect with the sideways scope in which ETH was in.
Likewise, since March 12, the market has been in an uptrend as the crypto constantly flips the prior resistance to support. The prior support/resistance switch was performed with an area of $217–$222.
This S/R flip-page means more upward energy, with the next goal being $250. ETH’s cost holds relatively close to the region of resistance.
If the coin goes over USD 250, then the level of $290 may not hold as in previous times, as that isn’t an important zone of resistance. ETHUSD will probably have a fast increase to USD 330 or USD 360.
This will identify a new high, another bullish signal.
Short-term $234 check still possible
Ether’s 4h chart shows a clear breakout from a downtrend, with the cost going to the USD247-252 range resistance.
This doesn’t mean that ETH will go over USD 250 all of a sudden. A bigger range is to be seen before a significant resistance break happening. This could signal BTC going over the USD 10.5k limit.
A possible retrace towards the point of $232–$235 can still happen and can be safe in the short term. The previous $234 support can support that respect, pushing for a potential rally above $250.
As the resistance has been checked many times between USD247–252, it gets weaker. A revived resistance zone check would probably end up on the upside in a breakout.
Overall marketplace capitalisation of altcoins holds a significant $82 billion rate
The marketplace capitalization of altcoins shows strength, as it still acts over the 100-day and 200-day MAs. In that regard, the needed $82 billion level support test took place and confirmed the S/R flip.
To warrant further progression of the upward trend, USD 82 billion needed to hold support, which was achieved.
So, resistance over USD 95b appears likely to continue. That would also allow for peaks of USD 113b and USD 135b amid huge rallies across the majority altcoins board.
Since the altcoin industry’s overall capitalization lags significantly behind BTC, one could say that ETH is a big catalyst for altcoins to begin rallying.
Usually, the remaining altcoins follow once ETH moves. This happens due to Ether being the main altcoin, and most of the ventures are made on the ETH network.
In comparison, BTC’s pricing is 50 percent lower than the record high. ETH also hovers below the record high at 80 percent, which indicates the vulnerability of altcoins recently, particularly underperforming relative to BTC.
Following the halving, BTC’s pricing shows signs of stabilization. The excitement is potentially moving from BTC to altcoins, which can be observed in newer spikes in altcoins like ETH.
ETH with the Bitcoin pair still in convergence
Ether’s pricing continues being in consolidation. Constant lower highs and higher lows are usual signs of compression, which frequently lead to expansion and volatility increases.
Ether is a good instance of that kind of compression. That was also shown by Zilliqa (ZIL), which led to a particular pricing surge.
The important area to retain for Ether is the level of 0.023 sats (BTC). This can still be checked in tandem with the 100-Day and 200-Day MAs as potential support. The most popular altcoin by market cap can be seen as positive as long as that holds, and the trend is expected to be further upward.
The next important region of resistance to crack is 0.0275–0.03 sats. If ETH can pass that zone, then the upcoming target is 0.04 sats.
If Ether wants to rally with Bitcoin, there may be a big spike over $360, and pricing levels of USD 500 may not be surprising.
On the other side, if Ether’s price goes below the 100-day and 200-day MAs, it becomes probable that the lows will retest. Bear in mind that there are important indicators for bull/bear movement in the 100-day and 200-day MA. Losing them would show a further pressure downwards.