Ethereum holds above $320 initial support after adjusting from the new 2020 highs around $330.
Ether bulls have the upper hand from both a technical and fundamental perspective.
Ethereum has for the first time in 2020 traded above $300. For some time before this breakout, ETH/USD remained range-bound, unable to clear the resistance at $250. Besides other altcoins rallying in the first two weeks of July, Ether remained and heavily correlated to Bitcoin price. Towards the end of last week, ETH/USD broke out, initially above $260 later ascended past the key level at $280.
Consequently, the weekend session resulted in the biggest gains Ether has experience in over three months. After breaking past $300, ETH/USD blasted to new 2020 highs at $330.44 (on Coinbase). Buying activity has not gone down even though a minor adjustment has sent the price to $321 (prevailing market value). In the meantime, buyers are looking forward to highs above $350 as well as $400.
ETH/USD daily chart
From a technical perspective, Ethereum is poised for more action north. For instance, gains are likely to continue in the near term, especially with the RSI moving higher in the overbought region. The MACD in the same daily range is displaying a positive picture at the time of writing. The vivid bullish divergence reinforces the massive influence buyers have over the price. In this case, a break past the new high would pave the way for gains mentioned at $350 and $400 respectively.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com