Ethereum has risen nearly 9% in the last 24 hours and has reached its highest price since February.
Ethereum has made a long climb in the past 24 hours. In an almost vertical move, Ethereum rose from less than $ 245 to $ 265. In doing so, it gained almost 10% against the US dollar and about 7% over Bitcoin. Since reaching $ 260 today, the bulls appear to have been breathing, leading to a contraction to around $ 262.
To maintain the rebirth, bulls need to establish a higher support at $ 260, while a lower support is maintained above $ 250. This essential psychological position is the main motivator for Ethereum holders to sell or keep the cryptocurrency. Below that figure the scenario is one of pessimism, if we break the support of $ 260 we can see an increase of up to $ 500.
Although bulls have slowed down, Ethereum still has plenty of room to grow. As such, prices are likely to hit the $ 280 resistance during this bullish phase, before there are strong setbacks and lower support tests.
Along with Ethereum, several altcoins appreciated. The overview shows that most currencies are green, with gains ranging from 1% to 7%. This positive performance of altcoins extends the gradual decline of dominance in the Bitcoin market. Now, it is just over 61%.
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Bitcoin has gained almost 2% in the last 24 hours and has surpassed $ 9,500. The bulls are struggling with this position, with each push above it being resisted with a dive afterwards. However, if a decisive boost could push Bitcoin above $ 9,600, Bitcoin will be ready to break out of its current long-term range.
The $ 9,600 high will revive optimism by breaking the resistance above $ 9,800 and will lead to another test in the $ 10,000 range. There is an expectation that, in the next disruption, Bitcoin’s price movement will be violent, with targets set at $ 12,000 on the upper side and $ 7,000 on the lowest. Current sentiments show that bulls outnumber bears where the asset will go next.
Despite the optimistic movements and perspectives, the volume of negotiations is still decreasing, which may suggest that the current rallies are unsustainable. Depending on how this changes in the next few hours and days, it will become clearer if investors are supporting the latest action. For now, the crypto community is excited, it is yet another green day in the crypto market and, although slow, the volatility seems to be coming back.