The queen of cryptocurrency Ethereum ETH is enjoying a brief moment of peace while the king Bitcoin sleeps. Ethereum price is recording almost two and a half (2.40) percent rise in the price in the last 24-hours, Coin Market Cap recorded.
Ethereum price has moved up from a low of $228 to the current position of $242 range. The price took a good rally on the 6th of March and had been enjoying the slow and gradual rise to the current mark.
Ethereum price took three major rallies above the $246 mark but unable to sustain that position the cryptocurrency has been trading between $242 and $246 for the better part of the day. ETH price stands at the $243.80 mark at the time of writing.
Ethereum price movement: What to expect?
The trading view analyst Alan Masters believe that Ethereum price has finally found a breakthrough while the king sleeps. Masters explains that new highs around $260 – $285 are very much possible if the current movement persists.
Masters explains that the ETH price had hit the EMA50 (magenta) line and is sitting at $218.60. At the time of writing, the EMA50 has been tested, and EMA10 standing at $232.15 is being tested for further upward movement.
Given the current Ethereum position on the charts, it is likely that the current support levels would be firm enough to provide a new push to the $260 range. Once the breakthrough to $260 is met, Ethereum price can expect new highs near $285 mark. Cautious trading is the key to good profits and avoiding losses.
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Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.