The crypto industry is never predictable, with its incredibly volatile nature, making it hard for even experts to know what will happen next. A while ago, ETH dropped to the $1,200 mark, showing correction signs, but with the new price, it could mean that the asset is ready to retake its ATH. The crypto industry recorded new gains, with Bitcoin surging from the $31,000 mark, going towards the $35,000 point.
The recovery is a good sign that Bitcoin was exiting the bearish market and embracing the new bullish trends, which Ethereum enjoys too. Based on recent statistics, Ethereum performed impressively, even when other major cryptos suffered from immense selling pressure. Ethereum could be inching towards a trend of new highs like the space saw early this year.
Ethereum records new gains
When ETH had an unexpected drop awhile ago, some opined that the asset was gradually correcting and might return to last year’s price mark, around $600. Others predicted that the correction was normal, and with new investors eyeing the digital asset, it could see continuous long-term gains. Fortunately, the latter might be the case, with ETH surging to around $1,300.
While the bulls plan to take the $1500 position, the digital asset still has exceptional resistance around $1,600, $1,700, and $1,800. The crypto’s strongest support would be at the $1,000, $900, and $800 price marks. The recent peak was at $1,359, while the asset now stabilizes around the $1,340 range since the surge.
The asset is growing stronger daily, having hit the $1,359 point. The asset’s 9-day and the 21-day moving average is hinting at the bullish market’s coming trend. While indicators show that the bulls calmed, technical signals hinted at the asset’s imminent recovery, pushing the asset to an impressive new price. Similarly, Bitcoin also added some new gains amidst the Chinese New Year’s selling pressure prediction.
Ethereum might surge further
There are strong indications that ETH would take that $1,500 position before facing its resistance above the price mark. The resistance level between $1,600 and $1800 should be the asset’s primary source of concern, which signals that the price marks could return Eth to its nearest support.
Now, the space sees a demand increase for ETH, primarily due to its decreased supply. Most investors want cheaper investments, which could assure more significant gains within a short time. Fortunately, ETH seems like the best alternative to Bitcoin, being dominant and valuable like the latter.
Looking at charts, if bear activities commence, the asset will fall around the $1,000-$800 support levels. The bulls show that they can’t hold up the price above the asset’s current trade around 0.040 BTC. On the other hand, if the asset declines, the 0.033 might hold it.
The asset would likely see new price gains if the Bulls don’t relent on their effort. Presently, they want the investment to hit the $1,500 and would likely face resistance above that mark, with $1600 lurking around the corner. This current market structure could be necessary for Ethereum to move and record new higher prices.
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