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Crypto Daily: Ethereum Grew By 20% And Prepares To Rise Further

25 March 2022, 11:03

2 min reading

Crypto Daily: Ethereum Grew By 20% And Prepares To Rise Further

Over the last 24 hours, the Bitcoin price increased by 3.3% and consolidated above $42,000. Meanwhile, the trading activity on the market grew significantly. The trading volume soared 50% immediately and totalled $32 billion per day. Other cryptocurrencies also were in an uptrend.

Crypto Daily: Ethereum Grew By 20% And Prepares To Rise Further

Over the last 24 hours, the Bitcoin price increased by 3.3% and consolidated above $42,000. Meanwhile, the trading activity on the market grew significantly. The trading volume soared 50% immediately and totalled $32 billion per day. Other cryptocurrencies also were in an uptrend.

The most interesting situation can be seen on the Ethereum chart. Let’s take a look at it:

Over the past 10 days, the value of ETH has risen by almost 20% from the local low. Buyers have seized the initiative and are currently pushing the price up. But earlier, we noted that a symmetrical triangle had formed on the chart, and the price is now moving within this figure. At the end of last week, Ethereum broke the upper boundary of the triangle, gained a foothold above and even retested it. This once again confirms that the pattern is being corrected.

For the last 5 days, the ETH chart has been moving around $3,000. Several times it managed to surpass this mark, but always failed to fix above it. This looks like a consolidation before starting an upward movement. The nearest support and resistance area will be $3,200 – $3,300, which is historically one of the most important levels. The 200-day moving average, which is currently at $3,150, only proves the strength of this zone.

A small divergence on the weekly chart also speaks in favour of growth. Here, the RSI indicator formed a convergence. The oscillator peaks started to increase, while the price peaks continued to decline in the last months.

Thus, we expect to see Ethereum adding about 8-10% to its current value. The key level will be $3,300. If the chart overcomes it and gains a foothold above it, Ethereum may keep growing further. Therefore, it is necessary to carefully monitor the market situation, which is now changing.

The level of fear is becoming less, the trading volume is growing, and some altcoins are even demonstrating a sharp surge. Moreover, the Bitcoin dominance started declining after the asset had left the ascending channel. Ethereum is the second popular cryptocurrency after Bitcoin and the altcoin season often begins with the growth of it.

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Crypto Daily: Ethereum Grew By 20% And Prepares To Rise Further
Crypto Daily: Ethereum Grew By 20% And Prepares To Rise Further