Ether exceeded $3,600 for the first time in nine days. This price improvement is no doubt a welcomed development in the crypto space as it shows the whopping increase in the buying pressure of the coin. The hike in ether price account for a 1.86% gain over the last 24 hours. Audius is the best performing coin in the past 24 hours as it gained more than 30% during this time.
The global cryptocurrency market cap also increased significantly over the last 24 hours. It surged as high as $2.2 trillion during this time. Unfortunately, the growth could not be sustained as the total market cap of all cryptocurrencies is estimated at $2.16 trillion as of the time writing. With Audio 30% surge and ETH feat, concerns are starting to rise. Here are the key levels to watch.
ETH/USD
Many traders are bullish on ether and as such, the predictions seem endless. One short term prediction is $4,000 which seem very likely before the month’s end. Using the Fibonacci Retracement, we get a clearer picture of the key levels in attaining this aim.
Ethereum recorded a 90-days high of $4,022 earlier this month but failed to continue trading above it as selling pressure mounts. It dipped further following the massive correction it experienced over the last 14 days. The price movement has seen in the chart above shows a gradual price hike to $4k. The coin is edging closer to the price with every passing surge.
The current price channel ETH is trading at has the strongest resistance set at $3,900. The largest altcoin has to flip this resistance to retest $4,000.
AUDIO/USD
The AUDIO/USD pair may be the highest surging coin over the last 24 hours, but this quick surge could be a double-edged sword for the coin. The Moving Average Convergence Divergence (MACD) is about converging to herald another bull run. Nonetheless, the coin is still at risk of retracement.
If the pair slip into bearish dominance, we may see it drop as low as $2.24 as there are no strong supports before it. A continuation of the uptrend could result in the coin trading at over $3 in a quick burst as the recent price movement suggests.
