Ethereum Price Teases Breakout as Bulls Eye a Violent Move

Ether Holds Its Ground With $302 Billion Market Cap

One-month statistics against bitcoin show that ethereum’s price has jumped higher with a 29.6% gain. But year-to-date and 12-month metrics show bitcoin’s price still has the leading edge. Of the crypto economy’s $2.7 trillion market capitalization, ether commands a $302 billion valuation, giving $ETH roughly 10.8% dominance today.

$ETH also retains its position as the second-largest crypto asset by market cap, sitting a hefty $119 billion above USDT’s valuation. This weekend, $ETH has traded in a tight range between $2,445 to $2,483 per coin and volume is a touch lower with $6.74 billion over the last day of $ETH-based trades.

$ETH’s current foundation stands between $2300 to $2,400 per unit, and upper resistance on Saturday is around $2,500 to $2,600 and higher. If ether could finish a day in the $2,550 range, it would put the current price in better standing. The price is currently above the near and long term simple moving averages (SMAs) and exponential moving averages (EMAs) via the daily chart.

Oscillators show hesitant tension but still no overbought readings as the relative strength index is around 62.5 this weekend. Ethereum’s moving average convergence divergence (MACD) level, on the other hand, stands in the negative side at 119.45. Momentum too is also bearish with the daily chart tape showing a -28.25 at press time.