Key takeout
- Ether is trading at $2,500 and could quickly rise to $3K levels.
- Positive performance comes amid an increase in retail investments in cryptocurrency.
ETH recovers to a $2,500 level and can quickly surge high
Ether (ETH), the native coin of the Ethereum blockchain, has reached the $2,500 mark and could be high. This latest development follows a bearish weekend when ETH prices fell to the $2,100 region.
At the press conference, the price of ETH is $2,501, which could be high if the market conditions remain bullish. The better performance is because more retail investors increase their exposure to cryptocurrency.
Recent data from Etoro shows US retail investors are increasing their exposure to crypto amid weakening of the dollar and increasing global uncertainty. Etoro revealed that 58% of US retail investors are re-adjusting their portfolios to support digital assets.
ETH can quickly surge to 3K resistance levels
The ETH/USD 4-hour chart is very bullish and efficient, indicating that ether prices can be high in the short term. Ether acquired Inductive Fluidity (ILQ) yesterday for $2,378, potentially gathering towards the next level of resistance.
If bullish momentum continues, ETH can pull out a high price of $2,877 each month, allowing it to focus on 3k at its highest level since February. In the event of an extended gathering, ETH can look for a fair value gap (FVG) of around $3,200.
A relative strength index (RSI) of 62 indicates that the buyer is in control. Higher RSIs will enter the territory where ETH/USD pairs have been over-acquired. The MACD line is also in the positive region, indicating bullish bias.
The market remains bullish, but the Bears can still regain control. If that happens, ETH can retest the $2,100 minimum.
