Ethereum (ETH), the second largest cryptocurrency by market cap, is on a bullish streak and is expected to reach new heights in the coming days. Over the past 24-hours, its price surged by a whopping 9.29% to reach $1,649 as of March 13.
Initially, ETH faced some resistance from the bears when it reached the $1,370 mark, but it did not back down. Instead, the cryptocurrency continued its upward trend and climbed above the $1,450 resistance level.
The most exciting part was that ETH broke through the significant bearish trend line near the $1,480 mark on the hourly chart of ETH/USD. This marked a significant turning point, and soon after, the pair surpassed the $1,600 resistance level.
Over the past 30 days as of March 13, ether has shown an impressive 40% green days and recorded 4.59% price volatility. While the fear & greed Index suggests a neutral sentiment, technical indicators also show a neutral position.
The 200-day and 50-day simple moving averages (SMA) indicate a buy for the last two days and one day, respectively. The relative strength index (RSI) is at 55.26, indicating a neutral position. The 3-day, 5-day, and 10-day SMAs also indicate a BUY, while the 21-day and 50-day SMAs suggest a sell.
In terms of exponential moving averages (EMAs), the 3-day, 10-day, and 50-day EMAs indicate a buy, while the 21-day and 100-day EMAs indicate a sell. What does this all mean for ethereum? According to CoinCodex, ETH is set to continue its bullish trend and reach a price of $1,752 by March 21.