Ethereum has witnessed a remarkable increase exceeding 5% over the past 24 hours, prompting it to break the 2700 dollar barrier again, amid a state of anticipation in the alternative currency market.
This rise restored the hope of investors and speculators that the market may be on the threshold of a wide -ranging wave led by Ethereum, especially in light of the slowdown and circulation of Bitcoin movement without its historical peaks.
Ethereum movement restores momentum to the alternative currency market
Ethereum movements have always been an early indication of the direction of the alternative currency market. With its stability during the past weeks in a range between 2400 and 2,800 dollars, signs have emerged on buyers’ concentration at support areas, which reflects the continued control of the medium -term trend.
Today Ethereum is back again to test the upper limit of this range, pushing traders to monitor the possibility of a clear penetration of the level of $ 2800.
Technical analyst “Ted Belus” indicates that the price is currently trading near the highest levels of the range that has controlled the Ethereum movement since May, and that bypassing this barrier will open the way for a new expansion phase in the market that may affect most alternative currencies.
The momentum is increasing and technical indicators support penetration
Technical data indicates that Ethereum closed a 12 -hour candle above 2760 dollars, while the $ 2800 region has become the next decisive resistance, and the recent movement was accompanied by a clear rise in trading volume, which supports the continued assumption of ascension.
The moving averages for 50, 100 and 200 sessions are all heading up and currently located below the price, which enhances the strength of the current trend, and this pattern suggests that buyers are still in the location of control, and that the path is about $ 3000, it may be open, provided that the daily closure is confirmed at the top of 2800 dollars.
