- Bulls return sending cryptos in the green once again following the retracement from the weekly highs.
- Ethereum is strongly supported at key support zones allowing the bulls to focus on $300.
The intraday charts on the cryptocurrency market show a bullish wave that is sweeping across the board. Ethereum alongside cryptocurrencies is back in the green after find support at various key levels. Bitcoin is up, a subtle 0.17% while trading at $8,730. Ripple is trading 0.45% higher on the day while Bitcoin Cash is up 4.69%. IOTA is the market leader with gains in the excess of 6% and valued at $5.13.
Ethereum, on the other hand, is trading at $271.78. Marginally above the current value, the first resistance observed at $277.71. The confluence at these level is the previous high daily and pivot point 1-day R1. The next resistance is at $283.39 highlighted by a confluence of the pivot point 1-day R2 and the pivot point 1-week R2 as well as the 161.8% Fib retracement level. If the price manages to clear these to levels, the next target is $300.46: Pivot point 1-week R3 and the Bollinger Band daily upper.
As far as support is concerned, initial support is seen at $272.02. This level support is strong especially with a confluence made of the previous low 15-minutes, previous high 4-hour, 5 SMA 15’, previous low 1-hour, Bollinger Band 1-hour Middle, Bollinger Band 15’ middle and the 100 SMA 15’ among others. Other key support levels include $269.33 and $257.80.
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