Ethereum is breaking through barriers left, right and center in a rally that has now dwarfed the recent Bitcoin run. The price of Ethereum surged another 17 percent today, bringing the total of its week-long gains to over 50 percent – higher than that of both Bitcoin (BTC) and Ripple (XRP). Earlier today the digital asset hit a high of $272.66, a full $100 higher than it’s price was this time last week.
Minor resistance at $270 has knocked it back down to current levels around $260 but it doesn’t look like the rally is going to end any time soon. The 50-, 100- and 200-day moving averages still put Ethereum in a strong buying position although the relative strength index (RSI) is getting pushed to breaking point levels, now up at 86.07 – extremely overbought territory.
As Bitcoin’s gains subside, Ethereum is building a strong position against it. Ethereum is now up to 0.032 against the king of crypto, a huge jump from a recent yearly low of 0.024 – although still a way off from the January high of 0.041.
As with ETH/USD, ETH/BTC technicals put Ethereum in a strong buying position. Other than the SMA100 and the EMA200, the majority of moving averages support the continued uptrend and both RSI and Stochastic indicators are comfortably neutral.
What does the community think?
Sentiment in the crypto community remains strong for Ethereum, with ever-popular Twitter trader @TheCryptoDog suggesting putting 25 percent of your portfolio in ETH, along with 50% for BTC. Yesterday’s suggestion by @CryptoHornHairs to refill at $230 with the aim for $258 has panned out and next up he has $300 in his sights. Long-time crypto trader Mayne (@Tradermayne) agrees, tweeting a graph with the simple message: “Next stop for $ETH about $300”.
$300 is a significant resistance point as it corresponds with the level that Ethereum lost support at back in early September last year. If it can break through $300 and maintain momentum above it, then the sky’s the limit.
Ethereum is currently trading up 16 percent today at $262.61 to the U.S. dollar with a market cap of $27.86 billion.