Ethereum Price Hits Two-Year Highs – Bullish Bias Above $400

Ethereum ETHUSD
Ethereum ETHUSD

Ethereum price digest the two-year highs after yesterday’s impressive gains of 10%. The number two cryptocurrency managed to break decisively above the recent consolidation phase that lasted about two weeks. Ethereum continues to outperform its main competitor, Bitcoin, which failed to hold the key 12,000 mark.

China’s announced that it would expand the testing of the central bank digital currency (CBDC) to include Beijing, Tianjin and Hebei counties, and added that the regulatory framework would be ready by the end of the year.

Ethereum managed to turn higher after morning losses while Bitcoin is 0.48% lower at $11,735 while Litecoin is 1.33% lower at $56.40. On the other hand, Ripple is 0.21% higher at $0.2957. The market cap of Ethereum has reached $47.90 billion, while the top 100 cryptos cap stands at $367.92 billion.

Ethereum Technical Analysis   

Ethereum price is 0.10% higher at $424.80 as the bulls return to ETHUSD after the recent consolidation phase. Yesterday’s sharp move makes clear that bulls are here to stay. Ethereum initial resistance stands at 431.27 todays and yesterday top. Above that we have to go back to July 31, 2018 o find the next resistance at 458.42.

On the contrary, immediate support for Ripple is at 418, today’s low. The next Ethereum level to watch on the downside is at 377.85, the low from yesterday’s trading session. More bids would emerge at 364.16 the low from August 12.

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Ethereum Daily Chart

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