Ethereum (ETH) gains traction to enable the next push beyond the prior high zones of last week amid the change in momentum in support of the bulls. Earlier ETH/USD failed to maintain its early gains and turned lower at the end of the week.
*ETH rebounds from the near term support level at $1,980
*Return rally gains traction to propel beyond the $2,200 level.
*Ethereum Address activity at 35 months high
ETH’s strong bounce from significant support at $1,980 that returned near the upper pivot at $2,100 zone, has sidelined growing downside risk. A tailed daily candle was formed today and it underpins fresh recovery which requires a firm break above the $2,100 resistance zone to generate a fresh bullish signal for an extension. As traders take profit on their bearish positions a return rally gains traction to propel beyond the $2,200 level. At the time of this post, ETH/USD is exchanging at $2,070 and dropped 5% over the past week from the record high set. The market cap stands at $240.9 billion, with $29.7 billion traded in the past 24 hours.