Cryptocurrency markets have continued their rally in the last 24 hours. The global market cap rose by 2.55 percent in the last 24 hours and is over $2 trillion. Bitcoin is up by 2.47 percent and is trading at $44k. Ethereum is up by 3.30 percent and is trading at $3,141. Major Altcoins also showing decent gains.
ETH Price Analysis
ETH/USD has moved in a range of $2,959.75 to $3,092.48, suggesting significant volatility.
ETH price gained almost 22% to the current high of $3,040 after breaking above $2,600 resistance on March 15th. Yesterday, another higher low was hit, causing ETH to rise even further overnight. As the $3,100 barrier is currently being tested, a break over the prior high has already been established.
As a result, if the Ethereum price action maintains its current momentum, the $3,200 resistance level should be tested by the end of the day. From there, another higher low is likely to be formed, allowing for a challenge of the previous major swing high of $3,300 later this month.
Overall, For the next few hours, the Price of Ethereum is predicted to trade in the range of $3101 and $3129. As we have seen strong buying pressure in the early trading hours thus, ETH Price will soon reach the $3,200 next major resistance.
Ethereum to overtake Bitcoin soon!
According to Real Vision CEO and worldwide economic expert Raoul Pal, a number of technical indications are turning bullish for Ethereum (ETH). Pal claims to have discovered a chart pattern that indicates ETH is on the verge of solidifying a bottom and launching a long-term rally.
Pal says Ethereum is forming an inverted head and shoulders pattern, which usually indicates the end of a downward trend.
“ETH is approaching the neckline of the inverted head and shoulders (pattern needs confirming still).”
The veracity of the inverted head and shoulders pattern, according to Pal, is backed by readings on the DeMark indicator, which is used to predict market tops and bottoms as well as potential market turning points.
He also notes that tomorrow’s Daily DeMark shows a 13 and a 9. As a result, a breakout may fail on the first try, which is typical of this pattern. Typically, a trend line pullback towards the wedge’s midsection and then an upside break.
A DeMark indicator reading of 13 indicates that the market is vulnerable to a reversal. If the four oldest bars of the 13 most recent bars closed higher than the nine bars immediately following the DeMark indicator printing the number 9, it is a buy signal.
Pal also claims that when Ethereum (ETH) is combined with Bitcoin (BTC), the second-largest crypto asset by market capitalization is poised to steadily outperform the crypto king before breaking out of a channel that began in May of last year.