Dear Readers,
The second market leader of Crypto Ethereum trades above its 200 EMA.
While the Market Leader Bitcoin regained and trades above $ 21000, Ethererum currently trades at $ 1568 which is up by 18.22% in the last 7 days.
Compared with the market leader Bitcoin, Ethererum has many features. There are many more applications were built on Ethererum and still growing with the numbers.
Many people are betting that Ethererum would beat Bitcoin in the coming days.
Ethereum has come back with a strong retracement from $1075. The outlook for this coin is getting more stronger, with more blockchain networks are being developed on the back of its stronger foundation.
Ethereum has regained $189 billion of its market capitalization in January 2023.
Ethereum token follows the dominant price action of BTC, while the former trades above the key resistance zone of 200 EMA. Like with bitcoin, ethereum prices were significantly overbought, with the index at its highest point since January 2021.
It is also be noted that Ethereum failed to sustain a move above a ceiling at $1,580, giving way to a resurgence of some bearish sentiment.
The strong resistance ahead in Ethererum is $1661.
RSI trading in the 80 which is not positive. Above the 200 EMA curve, the next obvious resistance comes in the face of $1661, followed by $2000. After consolidation, the further uptrend towards $2000 is likely on the cards on ETH further journey.
Let's hope ETH would trade stronger with good volumes and go higher in the future!
