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Digital Currency Revolution Series: Ethereum Bulls Halt At $250 But All Set To Take-Off, What Drives Further Upside Journey?
Of late, Ethereum has been popular network utility. The blockchain has observed reinforced stablecoin issuance and a mounting influx of various ETH-driven DeFi projects.
With that fact, the underlying price of ethereum has held tight though it is sensing bearish pressure for the day. But this is just momentary as ETHUSD has been one of the best performers among the entire gamut of cryptocurrencies. Before pandemic Covid-19 circumstance that erupted especially during February and March 2020, it was all set for the highs of $300 levels. The pair rallied up to $290, the buying sentiments were higher than ever as it kept rallied 9-consecutive months by then.
For now, the prevailing trend of this pair is something of that sort as it surpassed $250 level.
Technically, the minor trend spikes through rising channel, bulls test support at 7-DMAs. But failures swings at rising channel resistance on overbought pressures, both leading & lagging oscillators are also in sync with the prevailing uptrend (refer daily chart).
While bulls take-off rallies above EMAs upon strong support, stiff resistance observed at trend line, more rallies likely only on breakout, both leading oscillators (RSI & stochastic curves) signal intensified buying momentum (refer weekly plotting).
Fundamentally, the main driving force is that the utility growth Ethereum has seen over the past five months has led ETH to see booming demand, as more investors begin recognizing its growing potential.
Coupled with this driver, we witness a considerable spike in the cryptocurrency’s hash rate that has soared by 27% since the beginning of the year, while the launch of Ethereum 2.0 in a few weeks.
Overall, Ethereum has been outperforming any other crypto-peer, with high trading volumes.