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Ether Holds Long-Term Support Ahead of All-Time High
The uptrend for ether is strengthening after the cryptocurrency avoided a breakdown below a crucial support threshold.
Updated Mar 6, 2023, 2:48 p.m. Published Aug 12, 2021, 9:30 a.m. 1 min read
Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, is holding above the 40-week moving average. The long-term uptrend remains intact despite the sell-off from extreme overbought levels earlier this year.
The digital asset is on track to return near the all-time high around $4,300 as buyers remain active at support levels.
The chart below shows ether’s long-term breakout above $1,400 in January and subsequent re-test of that level in February. Similar to bitcoin (BTC), ether avoided a breakdown below the 40-week moving average, which suggests the uptrend is strengthening.
The relative strength index (RSI) on the weekly chart is neutral, similar to the situation in mid-2020, which preceded a strong price rally. For now, pullbacks appear limited around $2,500 to $3,000 support.
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From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
Ce qu'il:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
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