Ether could end the week above $1,300 as the bullish sentiment increases

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  • Ether has held its price above $1,200 for the past few days and it could soon accelerate higher.

  • The total crypto market cap may soon reach the $815 billion mark.

  • Ether could end the week above the $1,300 resistance.

Ether Could Rally Higher Soon

ETH, the native token of the Ethereum blockchain, is up less than 1% over the past 24 hours. It is the only major cryptocurrency currently in the green zone in terms of weekly performance after holding the price above the $1,200 resistance.

at press time, ethereum price It is up 0.5% year to date and stands at $1,224. The market is now trading in the green zone again, with ETH likely to surpass the $1,300 level in the near term.

There is no catalyst behind Ether’s ongoing positive performance. The broader crypto market is trading in the green zone for the second consecutive day this week after a poor performance on Tuesday and Wednesday.

Total cryptocurrency market cap could reach $815 billion, while bitcoin price Finally, there could be a move above the $17k resistance before the end of the day.

key levels to watch

The ETH/USD 4-hours chart is positive, as Ether is performing well in the past few days. Technical indicators suggest that the bears have not completely relinquished control of the market.

The MACD line is just above the neutral zone, indicating that the bulls have slight control over the market. The 14-day RSI of 54 also shows that ETH is finding it difficult to enter the higher bounce and overbought zone.

If the bullish momentum strengthens, ETH could rise above the first key resistance at $1,307 before the end of the day. However, ETH may need support from the broader market if it intends to challenge another key resistance at $1,380 in the near term.

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