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  • Ethereum swings to new record highs, leading recovery among the top cryptocurrencies.
  • Ether must close the day above $1,500 to validate the uptrend to $2,000 while on the downside support at $1,200 is crucial.

Ethereum is among the best-performing cryptocurrencies in the market after a gruesome end of the week. The weekend session was characterized by consolidation across the board but Ether bulls focused on regaining complete control over the price.

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Bybit

Data by CoinMarketCap shows Ethereum trading 16% higher at $1,430. Recovery from last week’s low of $1,145 has been consistent. Various hurdles have been broken to pave the way for the accrued gains including the 100 Simple Moving Average, the 50 SMA on the 4-hour chart, and $1,300.

The biggest milestone has been trading above $1,400 and achieving a new record high of $1,481. A glance at the short-term chart highlights the growing bullish influence as bulls fight for action beyond $1,500

The Relative Strength Index is not quite overbought yet, hence the availability of room for growth. The upswing to $2,000 will be validated if Ethereum closes the day above $1,500. Besides, establishing higher support will call for more buy orders which in turn will increase the tailwind behind Ethereum.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

For now, the least resistance path is upwards, however, sustaining the uptrend above $1,400 will play a key role in the remaining journey to $2,000. Note that failure to hold at this higher support may increase overhead pressure on ETH/USD.

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Cryptocoincoach

On the downside, support is anticipated at $1,300, $1,200 and $1,100. The 50 SMA and the 100 SMA will also absorb the selling pressure. Immense support is accorded to the pioneer altcoin, further validating the uptrend.

Ethereum intraday levels

Spot rate: $1,430

Relative change: 34

Percentage change: 2.4%

Trend: Bullish

Volatility High

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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