Ethereum’s 5th anniversary influences its price.
Yesterday Ethereum turned five and was trading comfortably at around $ 330. However, since then, Ethereum has added another $ 17 to its value and has experienced an annual rise of $ 347.
The rise in Ethereum (ETH) was attributed to the DeFi boom, as well as to investors who anticipate the launch of ETH2.0 by the end of this year. In addition, Bitcoin, which directly influences the price of ETH, is in optimistic territory, with its eyes on the $ 12,000.
At new high, Ethereum may return to $ 365 mark
As mentioned earlier, Ethereum just printed a 2020 high at $ 347, after the bulldozing overtook the February 2020 high of $ 320. The last level was also a strong resistance zone. Upon breaking that level, the Ethereum is ready to experience more gains, as it will be drawn up using the daily ETH / USDT chart.
In the ETH / USDT chart above, you can see the following.
- Ethereum’s trading volume is clearly green.
- The daily MACD is over-extended with its histograms also pointing to the purchase of Ethereum by traders.
- The three moving averages on the 50th, 100th and 200th days point to an optimistic market environment for Ethereum.
- Ethereum’s daily MFI is clearly overextended by 98, suggesting a possible cooling of ETH.
- In addition, the previously identified $ 320 resistance level has shifted to a support zone.
- In addition to $ 320, the next region of considerable resistance for Ethereum is at $ 365, which is its peak value in 2019.
- In addition to $ 365, Ethereum’s next area of considerable resistance is $ 400.
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In summary, Ethereum is clearly in bullish territory, after exceeding the resistance levels of $ 250, $ 290 and $ 320. At its current value of $ 342, Ethereum is prepared to re-test the bullish 2019, from $ 365 in the coming days.
Furthermore, with an optimistic Bitcoin, Ethereum can continue to move forward, as its destiny is closely linked to that of BTC. However, in the short term, Ethereum may decline to $ 320 levels, as indicated by its high daily MFI value of 98.
As with all Ethereum reviews, investors and traders are recommended to use stop loss and low leverage when trading ETH.