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?
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.
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.
Leave a Reply