Ether could break past $2000 soon if it sustains the bullish momentum it has created over the past day. Within 24 hours, ETH has gained 11% to trade at $1,530 at the time of writing. Ether’s gains come amid a major recovery across the cryptocurrency market as the crypto market cap surpasses $1 trillion.
Ethereum price analysis
Ether has made a double-digit gain over the past 24 hours, allowing the token to recover the losses after traders started selling to avoid risks related to the Merge. ETH is now on the way to breaking past the psychological level of $2,000.
The cryptocurrency market has traded in the green zone over the past 24 hours. Bitcoin has managed to break past $20K for the first time since October 7, and altcoins are also rallying as traders take advantage of the spike in volatility.
In the last 24 hours, Ether has traded between $1,378 to $1,543, indicating high volatility. ETH’s trading volumes stand at $27.44 billion after triple-digit gains over the past day. Ethereum’s market cap is at $184 billion, with a market dominance of 17.83%.
Like most large-cap cryptocurrencies, Ether has been consolidating over the past few weeks, with the prices barely changing as volatility dropped to notably low levels. However, as stock markets rallied yesterday amid the release of earnings reports by tech firms, the crypto market volatility has also increased in response.
The technical indicators prove that ETH is indeed in bullish territory. The Relative Strength Index (RSI0 is at 59, showing that the token is leaning toward the overbought zone. The buying pressure witnessed over the past 24 hours could have created this trend. On the other hand, the RSI level does not show a high risk of a trend reversal.
The Moving Average Convergence Divergence (MACD) line is also in the bullish zone, indicating that Ether could continue gaining. If the rally is sustained, a push to $1,550 is likely, after which the price could gain to $1,750.
On the other hand, the buying pressure could be exhausted if the macroeconomic factors attributed to the recent rally are no longer in play. If the price of ETH retraces, the token will drop to $1,460, and the token could test lower support levels at $1,360.
Diversify your portfolio with these altcoins
Presales are usually a good way to diversify your crypto portfolio. Some of the hottest presales in the crypto market right now are for Dash 2 Trade, IMPT and Calvaria.
Dash 2 Trade is a platform that provides investors with trading signals that ease their investment decisions. The D2T presale has already raised over $2.5 million after completing the first stage.
The other major presale that is happening right now is for IMPT. IMPT is the native token for IMPT.io. IMPT.io is a project tapping blockchain technology to lower carbon emissions by streamlining the carbon credits market. The IMPT presale has entered the second stage after raising $10.8 million.
The next token to explodeis Calvaria. Calvaria is a play-to-earn gaming platform powered by the RIA token. The RIA presale has already raised 164,141 USDT out of the targeted 300,000 USDT. The first stage of the presale is 54% complete.