Ethereum Price Analysis: Bulls go on Rampage as ETH Flips $2k

Ethereum is currently on an uptrend. As a result, it surged from $1,900 to flip the $2,000 resistance a few minutes to the of writing. The hike started on Wednesday when the largest alt saw an 8% increase.

Due to the uptrend, ether closed that intraday session at $1,885 from an opening at $1,700. Since then, the asset has continued to enjoy small price increases which led up to the current feat. 

Data shows that the most recent liquidation exceeded that of the previous day as more short positions got REKT. The total liquidated funds are $150 million with the bears scoring most of the rekt capital. 

Ethereum Could See More Price Increases

The indicators look clear as at the time of writing. For example, the space between the 12-day EMA and the 26-day EMA is becoming wider. This is a clear indication that trading volume is in favor of the bulls. 

Additionally, we observed a consistent climb in the histogram associated with the Moving Average Convergence Divergence. The pivot point standard is another bullish metric. ETH climbed above its pivot point last month.

However, this is the first time the coin is taking any additional steps. Currently, the asset under consideration is above its first pivot resistance but has not gained stability above it as small corrections are threatening to see it dip.

A clear indication of this is the high the second largest cryptocurrency by market cap had. It peaked at $2,021. Nonetheless, judging by the previously highlighted indicators, we may rest assured that the bulls are edging in this struggle. 

In other news, Celsius also had its fair share of positivity as it enjoyed a more than 6% increase during the last 24 hours. As a result, it briefly surged above $4. The token joins the list of asset that seeing massive price increases. As at the time of writing, it is the top gainer over the last 24 hours.

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  • bitcoinBitcoin (BTC) $ 22,849.00 2.55%
  • ethereumEthereum (ETH) $ 1,618.64 3.52%
  • bnbBNB (BNB) $ 325.70 1.58%
  • xrpXRP (XRP) $ 0.397728 4.18%
  • solanaSolana (SOL) $ 23.37 5.28%
  • terra-luna-2Terra (LUNA) $ 2.05 7.23%