ETH could cross the $1,200 resistance level soon
The cryptocurrency market has had a net positive week so far and could end the week on a positive note.
The cryptocurrency market has been performing well since the start of the week. The market had added more than 5% to its value since the start of the week, with the total market cap now above $920 billion. If the positive momentum is maintained, the total market cap could cross $950 billion before the end of the week.
Bitcoin remains the industry’s pace-setter and is up by nearly 2% today. It has maintained its price above $20,000 but continues to struggle to surge past the $21k resistance level.
Ether, the world’s second-largest cryptocurrency by market cap, has had a net positive week so far. In the last seven days, ETH has added more than 15% to its value, making it one of the top performers amongst the top 10 cryptocurrencies by market cap.
In the last 24 hours, ETH is up by more than 3% and is trading above $1,100 per coin. If it maintains its positive performance, ETH could cross the $1,200 resistance level over the next few hours.
Key levels to watch
The ETH/USD 4-hour chart is positive as Ether has been performing well since the start of the week.
The MACD line crossed into the positive zone a few days ago and has maintained its positive above that level. The 14-day relative strength index of 62 shows that ETH could enter the overbought region if the market conditions continue to improve.
At press time, ETH is trading at $1,186 per coin and could rally past the $1,200 resistance level before the end of the day.
However, Ether would need the support of the broader market to move past the $1,300 resistance level for the first time this month.