Can Ethereum (ETH) Break 3 Important Support Levels be Taken From These Levels?
Ethereum (ETH) is making a big upward move as BTC struggles at current levels. It was also not Bitcoin (BTC) that triggered this dramatic rise in Ethereum.
Ethereum (ETH) Gains Independence Against Bitcoin (BTC)
BTC was usually followed by altcoins. This time a different story has occurred. Ethereum showed a magnificent bull run that surpassed its very fancy counterpart, Bitcoin.
While Bitcoin struggled at its current levels, Ethereum gained more than 7% with its recent rise. ETH / USD is currently trading at $ 237.51.
Technical View in ETH
- The range of days for ETH is $ 218.85 – $ 238.00. Looking at the hourly time chart for ETH / USD, it will be revealed that the volumes traded in the last twenty-four hours are much higher than the previous candles.
- In the case of ETH / USD prices, the breaking wax was also much higher than the previous average. Prices are rising significantly after the break. There is also an increasing buying pressure on crypto exchanges.
- The MACD rises fairly after an upward transition.
- Ethereum is well above 50-SMA and 200-SMA on both daily and hourly charts. This shows that ETH is out of the bear market in both the short term and long term.
Is Risky To Buy Rising ETH Now?
Investors who react to the dramatic rise of ETH should keep in mind that now will not be the best time to invest in ETH. An excellent opportunity to buy could be at the first breakout wax levels.
However, Ethereum prices passing through the overbought RSI may soon see a major correction. In this case, ETH seems to have the potential to fall steeply.
However, traders and daily traders can evaluate the decline well in this case. And since ETH processes at such high levels, the breakout wax can be easily detected. In any case, Ethereum’s dependence on Bitcoin may soon have a tectonic shift!