In the past week, many of the top cryptocurrencies have seen major bulls as Bitcoin managed to break above twelve thousand five hundred dollars ($12,500) but Ethereum has risen on top among all altcoins once again.
Ethereum price reached the highest point for this year at three hundred at thirty-seven dollars ($337) before facing resistance and falling back to three hundred and twenty-nine dollars ($329).
The token maintains its position as the second largest cryptocurrency with its market cap at approximately thirty-seven billion dollars ($37,000,000,000). The token’s price has risen by one hundred and fifty percent (150%) over the last three months.
Observing the daily charts, we can see that the token managed to break through the resistance at $315 to face greater resistance at $334. If the token breaks above $335 next resistance are located near $350 then $357 and $360.
If the price falls below the support of $315 it will find next support at $310 then at $300 and $298 further below there’s a significant gap before support at $278.
The Relative Strength Index (RSI) remains overbought and it is some time before it shows that the market is overstretched. Although, the RSI may continue to rise before becoming extremely overbought.
Against Bitcoin, the token has been decreasing gradually and has fallen from 0.0285 BTC to December 2018’s low at 0.02586 BTC. The nearest resistance is at 0.027 BTC then 0.0278 BTC and 0.0285 BTC while the local support lies at 0.0255 BTC then at 0.25 BTC.
The trading volume has consistently remained above average for the past couple of days.