Ethereum shot up to $250 while continuing pressing higher as Bitcoin was rejected at $9,800 so let’s find out more in the following ETH price news.
The second-largest cryptocurrency increased by 4% from the past 24 hours lows surpassing Bitcoin’s mild gain at 1-2%. Ethereum’s latest uptick brings it much closer to the $250 resistance level and this is a very important one that was seen over the past few months, which acts as resistance on multiple occasions. As Ethereum shot up to $250, it created a new psychological resistance due to being a round number. Unfortunately, ETH showed signs that the level might not be broken yet.
Ethereum might seem primed to burst this level as well. Investors are not betting on it yet as one crypto trader shared a chart below outlining the sentiment which shows there could be a confluence of more sell orders at the same level. The trader shared the chart showing there’s a clear level wall at $250 on Binance, coinbase, and BitMEX. Adding to the expectations that ETH will top out is some other technical signals. Another trader noted that the medium-term divergence formed between Bitcoin’s price and the specific momentum indicator who commented:
“This is exactly in line with what Renko tells me with a solid divergence already locked in for $ETH. Tired.”
There is data from Glassnode showing that 80% of all ETH is now in profit. This is also important to note since in the past two minutes the signal showed up again as the cryptocurrency crashed instantly. The Bitcoin rally could stop another bearish reversal but BTC leads the rest of the market on a macro scale. ETH bulls should be happy to hear that Bitcoin has a positive outcome. The trader Joe McCann noted that Bitcoin’s one-day MACD is about to see another positive cross as the indicator is designed to reveal changes in the strength, momentum, and duration of the trend.
The last time this signal was seen was when the cryptocurrency rallied 50% from the $6000 to the $9000 while the bullish sentiment is expected to flow out of the altcoin markets into Bitcoin and to normalize its value. Ethereum’s strong performance seems to be related to DeFi and Grayscale’s ETHE. The decentralized finance has seen strong growth over the past few weeks because of the high yields on the investments. There has been a lot of money flowing into non-ETH altcoins and stablecoins.
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