Ethereum Gains 6% in 5 Days; Faces Strong Resistance at $255
Ethereum may not be in the news these days as other altcoins of the market take the entire limelight. However, Ethereum—the largest altcoin of the global crypto market by market cap cannot be forgotten so early as it will be one of the most renowned and shilled coins until next year.
The first SEC-approved digital securities based on Ethereum are going to be US treasuries. Once this is issued, the bonds of all supreme nations will end up issuing their tokens on Ethereum sooner or later.
Experts are not failing to believe in Ethereum irrespective of its current price movement that is notably below $300 and $255 as well. The next 6-12 months are believed to be extremely major for the Ethereum blockchain platform and for investors. In this regard, DApps will see a spike in its use as an enterprise will adapt to having DApps chosen scaling solution, which ultimately will lead to pushing Ethereum, which is the shift in the prototype of Ethereum.
ETH price is facing a stringent rejection above $255 for more than 4 months now. However, the largest altcoin by market cap is believed to regain the lost strength soon.
Ethereum Price Analysis
On the 24-hourly chart, Ethereum is facing a tough resistance at $255 price level for the past four months, and if we examine the YTD chart, we see that $290 and $300 happen to be the most stringent resistances. On the YTD chart, ETH/USD is drawing an uptrend straight after the massive sell-off in March, although intermittent dips remain static.
On the intraday chart of ETH/USD, the coin is drawing a higher high pattern since the beginning of the ongoing week. With altcoins gaining enough momentum these days, the king of altcoins has also gained over 6% from trading around $230 at the onset of the week to currently trading at $245.
The MACD chart shows a bearish crossover due to the recent pullback from the 3-week high of $249, while the RSI of ETH holds no trading extremities at 50.