- Ethereum (ETH) experienced a 24-hour gain, according to CoinMarketCap.
- ETH gained just over 1% in the last 24 hours to take its price up to $1,242.47.
- The price of ETH may look to target $1,600 if it is able to break the nearest resistance level.
The biggest altcoin by market cap, Ethereum (ETH), experienced an uptick in the last 24 hours, according to CoinMarketCap.
At the time of writing, the price of ETH gained just over 1% in the last 24 hours to take its price up to $1,242.47. This adds to its phenomenal performance over the weekly chart as its price gained approximately 26.29% over the last 7 days. ETH has also strengthened in price against BTC by 1.19%. As things stand, 1 ETH token is around 0.05807 BTC.
As a result of the positive price movement over the last 7 days, ETH’s total market cap has climbed back up to $151.14 billion. ETH has also made its way to CoinMarketCap’s trending list at number 11.
Daily chart for ETH/USDT Source:CoinMarketCap
Looking at the daily chart for ETH/USDT, the price of ETH is at the level that it dropped from a couple of weeks ago after a 2-candle rally, with today’s candle looking like it will also close positively. ETH’s price is also above the 9 EMA level.
4 hour chart for ETH/USDT Source: CoinMarketCap
The 4-hour chart signals that the bullish move seen in ETH’s price may continue given several bullish flags. The first bullish flag is the 9 EMA positioned above the 20 EMA. The next is the price of ETH being positioned above both the aforementioned EMA lines. Lastly, The RSI is looking to cross above the RSI SMA line, which is another good sign.
Given that the RSI is at around 39.77 on the daily chart for ETH, there is still plenty of buying room before ETH heads into overbought territory. If ETH breaks the current resistance level on the 4 hour chart, the next target will be $1,600.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.