With the market leader, Bitcoin price, holding its price above the $71,000 mark, the cryptocurrency market continues to display a positive price action with top altcoins adding significant value in their respective portfolios.
On the other hand, the leader of altcoins, ETH price, has displayed a similar price movement by recording a trading volume of $14.28 Billion and adding approximately 2% in valuation within the past day.
The ETH token displayed a weak price action by trading in a closed range between $3,020 and $3,400 for a brief period. As the volatility in the market grew, the bulls regained momentum and the altcoin leader recorded a bullish breakout in the chart.
Since then, the Ethereum price has continued to hold its price above its important support level of $3,730, indicating a positive influence for the crypto token in the market.
Positively, the ETH Coin price has added 1.47% within the past day and 2.18% over the past week. Further, it has jumped 21.27% within the past 30 days and has a Year-to-Date (YTD) return of 68.58%, suggesting a positive outlook for the altcoin in the coming time.
The technical indicator, SMA, acts as a support to the price chart, indicating increased buying-over-selling price for the leader of altcoins in the crypto market.
On the other hand, the Relative Strength Index (RSI) continues to hover close to its overbought range, highlighting a strong bullish sentiment in the crypto space. Moreover, the average displays a high possibility of a bullish convergence in the 1D time frame, suggesting the price will continue gaining value this week.
If the bulls regain momentum, the Ethereum price will test its resistance level of $4,094. Maintaining the price at that level will set the stage for the ETH coin price to test its upper resistance level of $4,500 during the upcoming weeks.
Conversely, if the bears overpower the bulls, the Ethereum token will fall below its important support level of $3,730. Furthermore, if the bulls fail to regain momentum, the ETH crypto will further plunge and prepare to test its lower support level of $3,400 this month.
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