Over the last 24 hours, the market has been in the green. Bitcoin and Ethereum, the market leaders, are up 4.32% and 6.63% respectively. In the meantime, the rest of the leading cryptocurrencies have performed even better.
Ethereum price action
Ethereum has traded in a range of $2,930.01 to $3,156, exhibiting low volatility in the last 24 hours.Trading volume has dropped by 19.59 percent to $22.3 billion, with a total market capitalization of $368.7 billion.
The price is now trading near the 100 hourly simple moving average and above $3,000. Near the $3,135 mark, there is immediate upside resistance. The $3,200 level is the first big resistance.
If the price closes above the $3,200 resistance, the price could rise even higher. The next significant resistance level could be around $3,400. It is the 1.618 Fib extension level of the main slide from the swing high of $3,105 to the swing low of $2,651. A possible intermediate resistance level is at $3,320.
If ethereum fails to rise above the $3,135 and $3,200 resistance levels, a negative correction could begin. On the downside, $3,050 serves as an initial support level.
Bullish predictions for ETH!
As Ethereum finds its pace back in the market, popular crypto analyst and trader Inmortal on Twitter in a recent tweet says, in the 4th quarter, Ethereum will outperform the market leader Bitcoin.
Adding to the bullish consensus is technical analyst “CryptoBirb” on Twitter. In his list of top targets, he predicts for Ethereum to hit the range of $15K-$25K. Alongside he also predicts for BTC to hit $90-$120K range.