Ethereum Price kickstarted its rally 3 days ago as it broke above the crucial resistance at $2900 and even retested it. ETH has been trading green for the week and more gains can be expected this week.
The major altcoin is trading at above $3,100, has gained more than 25 percent in the past week. If ETH breaks through the 3,200 barriers, there may be a stronger rise. The price could rise towards the USD 3,350 level.
On the other hand, immediate support is near the $3,110 level. The next major support is near the $3,050 level, below which the price could retest the $3,000 test.
The EMAs imply a strong bullish trend for the ETH currency, as the price is rising higher to the important EMAs of 20, 50, 100, and 200. A bullish crossover of the 50 and 100 EMA is also visible on the chart, bringing even more buyers to the coin market.
Popular Crypto Analyst Rekt Capital has made a bullish prediction for Ethereum price. He says the second largest crypto is gearing up to hit all-time highs looking at its ongoing price action.
He has pointed out that the ETH Price chart is making a U-shaped reversal to reach back to its ATH levels at $4356.
Ethereum looks very strong from the technical perspective on the weekly time frame. The price is above the ALL-TIME HIGH from 2018, which is very bullish of course. Also, the price is above 0.236 fib 20 weekly moving average and the blue ascending channel! The ascending channel fits absolutely to the dollar! RSI is ready for another pump to the upside very soon.
ETH Trading Volume Beats BTC!
According to the most recent report, Ethereum trading volume climbed faster than Bitcoin in the first half of 2021. From January to June 2021, the trading volume of Ethereum increased by 1,461 percent. This was the result of an inquiry by Coinbase, a leading cryptocurrency exchange.
A few days prior, the exchange produced a review report stating that ETH witnessed more trades than BTC. It also revealed that the industry was quite active in the first half of 2021, with numerous user adoptions, trading activity, and price increases.