Naeem Aslam
Zaye Capital Markets
It is Ethereum which is on fire now. Yes, it is true that Bitcoin is the religion of the crypto space, but it is actually Ethereum that is winning out of the top three coins. It is up more than 126% YTD, and the recent rally in Ethereum price means that treaders have a big target in their mind.
Currently, Ethereum price is trading 1926, and the psychological resistance for Ethereum is at 2,000. However, breaking this price level is hardly going to be anything exciting for crypto traders because the fact is that Ethereum hasn't doubled its price from its previous all-time high, which it achieved back in 2017. Now, the whisper number that most traders are looking at (when it comes to Ethereum price) is 4,000, and Ethereum has a long way to go there. But given the momentum that we see for Ethereum, it is likely that the currency will be trading near the 2,500 price very soon.
In terms of technical analysis, bulls are in strong control of the price as the price is trading above the 50, 100, and 200 days simple moving average on the daily time frame. The RSI, on the daily frame, is showing that the price is overbought, but this isn't a matter of grave concern for crypto traders as they do know that when it comes to cryptos, the price can stay at this level for a long period.
The information is purely for education purposes only and cannot be perceived as an advise.
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