Ethereum (ETH) News – Can Ethereum value increase further after surging 34% in a fortnight?

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Most of the cryptocurrencies have rebounded in the last fortnight or so. The bottom which they hit was around December 7. Thus, in fortnight, cryptocurrencies have rallied once again. The cumulative cryptocurrency market cap has risen by 30%. This clearly indicates that the broad-based markets are also rallying. Similarly, the performance of Ethereum (ETH) has been stellar as well. This is the reason why many analysts as well as traders are expecting it to rise even more. There is a lot of headway to be made. It has fallen from very high levels. The question which remains is can Ethereum (ETH) rise even further.

Can Ethereum value increase further after surging 34% in a fortnight?

On December 7, Ethereum (ETH) had hit a low of $ 85. That was nearly a fortnight back. Today, it is trading around $ 114. Thus, in a fortnight, it has managed to do rise by 34%. This is one of the main reasons why many analysts think that there is room for even more. The problem is that Ethereum (ETH) has fallen all the way from $ 1200. Thus, this cannot be even considered as a meaningful recovery. This can be a dead cat bounce as well. This is the reason why analysts are trying to figure out the Ethereum can attain a value in the shorter term.

When you look at the nearby resistances, you will realize that the resistance levels are placed around $ 120. That is around 5% higher from these levels. On the lower side, if you look at the nearest support, it is around $ 103. Thus, the nearest support as well as the nearest resistances are pretty close. If it manages to surpass $ 120, it will again face resistance at around $ 124. Thus, on the higher side, the resistances are plenty.

The support on the lower side. if it breaks $ 103 is near $ 100. After that, the support is around $ 91. Since it has moved in this price range in the past as well, there are plenty of support and resistances level. This clearly indicates that it might not be able to rise swiftly once again. The problem is that most of the investors and traders are stuck at the higher levels. They have bought Ethereum (ETH) at such high levels that most of them are not liquidating. It however seems like that buying is happening at the lower levels for sure.

On the day when it hit a low of around $ 85, the volumes were over $ 2 billion. This clearly indicates that some of the investors are thinking of investing in it at the lower levels. If it does not sustain above the support levels, it might again head down to these levels. Thus, it might actually be pretty soon to call the Ethereum value at this point in time. The volatility has just seized and it might take longer for it to stabilise.

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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