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Ethereum Price at Seven Month Highs as Cryptocurrencies Soar

Ethereum - ETHUSD
Ethereum - ETH

Ethereum price adds 7.22% at 255.12 making fresh seventh month highs. ETHUSD has run an impressive rally that prints 98.56% gains since the beginning of 2020. Yesterday the Federal Reserve Chair Jerome Powell said the Fed was exploring a government cryptocurrency. He also noted that the Fed is investing a significant amount into digital currency developments. Finally looks like the US administration taking digital currencies seriously.

Ethereum capitalization is now at 27.80 billion, while the capitalization of the 100 top cryptocurrencies surpassed the 300.11 billion mark for the first time since August.

Read our Best Trading Ideas for 2020.

Ethereum Price Technical Analysis

ETHUSD is in a clearly bullish path and higher levels is the possible scenario for now. A warning signal for the long position is that the crypto pair has reached extreme overbought levels. The RSI (14) index in the daily graph is now at 84.87 a reading that we haven’t seen since May of 2019, so we can’t rule out a sharp pulback. Above that the ethereum price is hovering today outside of the Bollinger Bands and 49.80% higher from the 200-day moving average another extreme reading that might initiate a correction.

On the upside, first resistance for ethereum will be met at 258.95 the daily top. Next  supply zone will be reached at 270 the high from July 14 200019. If the ethereum price breaks above the next resistance stand at 287.9992 the high from July 11th.

On the other side, first support for ETHUSD stands at 238.47 the daily low. Next support would be met at $218.18 the low from yesterday’s trading session. The low from February 10th at 213.43 would provide the next support area.

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