Opinion & Analysis

Ethereum (ETH) Stretches Above $1200 with Spiking Demand

Ethereum hits the target of $1000 and trades even higher at $1256, at the time of writing with a straight bullish candle stretched right from $713 to $1294 on the 7-day chart. However, ETH’s ATH back in 2017 was above $1400 at $1425, and the coin is yet to break the same price area. But with Bitcoin trading at its All-Time High Price marks, the largest altcoin by market capitalization is also luring massive momentum.

As per the recent Ethereum price prediction, the coin gained a spiking momentum right from September 2020 and is holding until the time of writing. The All-Time High price of ETH is definitely in reach, and with the same traction, the coin can trade even higher, just like Bitcoin flagging 100% above its previous ATH of 2017.

Ethereum Price Analysis

Ethereum News

At the press time, Ethereum price was spotted above $1250 and crossing the upper Bollinger Band on the 7-day chart. As the Bollinger Bands widen, there is a greater possibility of widening bullish volatility in the near-term. In this regard, the ETH coin retains support from 50-day and 200-day weekly MA at $370 and $322.

Following the traction of Bitcoin, Ethereum is not trading any lesser than the former and holds strong technical bullish divergence. The MACD draws a clear bullish crossover as the MACD line crosses above the signal line and the RSI stretches above 70 to lie at 88.30 due to the amplified demand of the crypto.

 

Related Posts