Ethereum saw a strong surge this Wednesday, October 26. The asset is now trading around $1,500. So can Ethereum continue its march forward and break the symbolic mark of $2,000?
A pump more than welcome!
After days of deadly boredom, the crypto market woke up this Wednesday, October 26. Ethereum saw a rise of more than 11% yesterday which brought the price back to the asset over $1,500.
The crypto market has again crossed the 1000 billion dollar mark in capitalization. Bitcoin is back above the symbolic $20,000 mark and most of the market is in the green.
At the time of writing Ethereum is trading at $1,560 in up 2.9% in the last 24 hours. This is a level he has not known since mid-September. Ethereum is regaining some momentum after facing strong selling pressure from the Merger.
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The crypto market after the stock market
It is the return to high volatility like the crypto market hasn’t seen in a while. As often, Ethereum is experiencing more movement than Bitcoin. This is normal, whether it’s down or up like here. the volume also returned with a trading volume for Ethereum of $27.44 billion for yesterday.
The crypto market follows the trend of stock markets enjoying a bullish rebound this week. The S&P 500 is up more than 5% from the beginning of the week. However, the latter have a more difficult day, especially after the bad results from big companies like Meta.
What are the technical indicators saying?
The various technical indicators suggest that this pump will continue for Ethereum. the Roi (Relative Strength Index) currently at 59, close to the overbought zoneabove 60. For the time being, the latter it does not indicate a trend reversal.
However, as always, one indicator is not enough. To have a more accurate idea of the situation, it is necessary to observe various details. About the MACDwe are on the side of the uptrend after crossing the two mediums of motion.
Ethereum chart as of yesterday (source: Tradingview)
As a reminder, the MACD is the difference between two Exponential Moving Averages of different periods. Here, as often, we use the 12 and 26 period EMA. It will be necessary to monitor the selling pressure. The latter could cause the price to fall back to the level of $1,460 or $1,360two main supports for the asset.
In the hope that this bullish momentum will continue and reach $2,000, Ethereum would need to cross some resistance on the upside. First of all that around $1700an area where the price has been rejected several times and has been a support for a long time during the previous bull run.
We are closely monitoring in the coming weeks to see if the second largest market capitalization succeeds in regaining this symbolic bar of $2,000.
And the rest of the market?
Other notable winners this week include Aptos who almost 26% was found in the last 7 days. After a complex listing, the star project benefits from a continued interest from many investors and continues his march forward.
Cardano also suitable for more than 14% increase in the last 7 days. The 8th largest market capitalization is now around $0.4. polygon good health continues An 18% increase over the week just like Maker with an increase of more than 21% over the same period.
Conversely, Axie Infinity charged the blow and a drop of more than 28% in the last 7 days. The signal is down over 94% from the ATH at $165. It seems to be putting full pressure on the market conditions, the lack of interest in the field of NFTs and the concern about hacks that have suffered this year.
To learn more about the predictions for Ripple and Cardano, find our article here.
