Ether skyrockets by 9% in 24 hours
Ethereum (ETH), the second-largest cryptocurrency by market cap, is on a roll and is set to soar in the coming days. Its price has risen by 9.29% in the last 24 hours to R30 085 as of March 13.
When it hit the R25k level, ETH saw some bearish resistance, but it did not give up. Instead, the Cryptocurrency maintained its upward momentum, breaking through the R26 455 resistance level.
In the hourly chart of ETH/USD, the most exciting part was that ETH broke over a strong negative trend line near the R27k mark. This was a key turning point, and the pair quickly surpassed the R29k resistance level.
On March 13, ether has an excellent 40% green days and 4.59% price volatility over the previous 30 days. While the fear and greed index indicates a neutral mood, technical indicators also indicate a neutral posture.
For the last two days and one day, the 200-day and 50-day simple moving averages (SMA) imply a buy. The relative strength index (RSI) is at 55.26, indicating that the market is in a neutral state. The 3-day, 5-day, and 10-day simple moving averages all point to a BUY, but the 21-day and 50-day SMAs point to a SELL.
The 3-day, 10-day, and 50-day exponential moving averages (EMAs) imply a buy, while the 21-day and 100-day EMAs indicate a sell. What does all of this mean for Ethereum? ETH is expected to continue its bullish trend and reach a price of R32k by March 21, according to CoinCodex.
