The altcoin market has confirmed our predictions last week. The market cap has increased in the past 24 hours and altcoins are gaining momentum. The top two altcoins – Ethereum and XRP are rising sharply against Bitcoin and their value has increased significantly. While Ethereum had already been showing signs of bullish potential for days, XRP hinted that the bearish trend was coming to an end early on Tuesday. Portfolios with top altcoins have exceeded 10% gains in the past two days. Technical analysis has confirmed the return of the good times for Vitalik Buterin’s 2.0 project.
Ethereum has a market capitalization of $22.9 Billion and the coin has gained 6.39% in the past 24 hours. It is currently trading at $212, the upside momentum remains strong as the coin stays above a critical $200.
ETH/USD has strong resistance of $200 and movement beyond this price level will lead to significant upward correction. The price may hit the highest level seen so far this month. The initial resistance is created by the recent high of $215.18, once it is out of the way, $230.00 will come into focus. On the downside, the initial support is at $205, followed by a psychologically important level of $200 and $195. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $180.70 created by the weekly SMA50.
Metrics have confirmed that the GAS used by the Ethereum network hit historical highs, the hash rate and the number of active wallets are at six-month highs.
Technical analysis has shown bullish potential and an improvement in price action over time. The DMI on the daily chart shows the bulls at positive levels not reached since December 2018, critical data. Contrary to this, bears have also hit significant levels and there is a high probability of an upward correction in the short term.
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