Ethereum [ETH] rises from the ashes to breach $264.20 key resistance as market continues to surge
The cryptocurrency market is on a surge and it showing no signs of slowing down as most of the coins have registered significant gains in the past 24 hrs. For the third day running the crypto market has surged with altcoins leading the way. At the time of print, the total market cap of the crypto industry stands at $253 billion which is a big improvement on the figures at the same time last week and the correction that everyone has been talking about has not arrived yet. The flagbearer of the crypto community, Bitcoin is still showing remarkable resilience and is hovering around the $8,000 mark and at the time of print, the coin is trading at $8010.61 and the total market cap of the coin stands at $141.8 billion. The ‘King of Altcoins’, Ethereum has finally struck and has gained more than 14 percent in the past 24 hrs. At the time of press, the altcoin is trading at $259.57 and there is every chance that ETH will breach the $300 mark which has been eluding the coin for quite some time. The total market value of the coin stands at $27.5 billion and the volume traded in the last 24 hrs stands at $27.5 billion. While the market has been on an upward slope for the past three days, it remains to be seen whether it can sustain this momentum in the coming days with Bitcoin slowing down a bit.
At the time of press, the coin has found support at $166.52 and is trading well above it. Now, ETH is trading above $220; this level is similar to the resistance zone of $6,000 for Bitcoin. The rise of Ethereum was long due and it seems that ETH has woken up from a deep slumber. At the time of press, the Key resistance for the coin stands at $264.20, which the coin has breached and there is every chance of the coin going further up. The hourly RSI indicator stands at 68.3317 and is directed upwards above 70, which indicates a strong bullish movement. The coin is fast approaching the overbought territory. The MACD shows that the coin is in the bullish zone and the 100 EMA line shows an uptrend.
At the time of print, the digital asset is up by 14.52 percent and one ETH is equivalent to 0.03240340 BTC.
- According to a CoinDesk report earlier this month, the U.S. Commodities and Futures Commission [CFTC] regulators are willing to approve Ethereum based futures contract. A source told CoinDesk that the regulator can be comfortable with an ether derivative under their jurisdiction. The report also noted that an application that meets the requirements of the CFTC can get easy approval.
- According to reports, the Ethereum-based stablecoin DAI has been maintaining a steady dollar valuation. It is important to note here that since January the dollar-pegged stablecoin has plunged below the dollar valuation and has rarely traded above the $1 mark. But things now seem to have changed and over the past few days the stablecoin has been trading above the dollar level and at the time of press, it is exactly equal to 1 dollar.