Ethereum [ETH] Bears Step Away; Target Closes $1,600

Ethereum finally managed to blast past its previous ATH and record new highs just days before the imminent launch of its futures product on the CME Group Inc. The world’s largest altcoin amassed weekly gains of 21.90%.

Ethereum had faced huge resistance, at near its old record high. Over the last 24-hours, the crypto-asset rose by a solid 6% which pushed its price to the current daily high of $1,525 amid a building bullish momentum. At the time of writing, Ether registered a market cap of $177.9 billion and a 24-hour trading volume of $43.8 billion.

Ethereum [ETH] Daily Chart:

Ethereum [ETH] has surpassed a crucial resistance level. The mega bearish rising wedge was invalidated as the crypto-asset soared to a new height. TWJ had previously reported that several technicals fliped positive after a prolonged dull market movement.

The moving averages also aligned with the bulls as evidenced by the rising gauge between the 50 DMA [Pink] and 100 DMA [Blue]. The Fib retracement highlighted some important levels to watch out for.

Ether Gears Up For Gains

The MACD indicator underwent a bullish crossover after two weeks of a bearish dominance. The On Balance Volume [OBV] registered a slight uptick and pointed to some buying activity as Ethereum’s price picked up from its support.

RSI depicted a similar sentiment, as it rose steadily towards the overbought zone depicting a massively growing buying pressure among the market participants.

After surging above the resistance area of $1,480, ETH appeared to be in for a huge move into the price discovery area. The technicals presented a massive bullish momentum which could potentially prompt the coin to its overhead resistance level of $1,629. The crypto has never traded before and not a lot of resistance is expected, hence and a further upside would aid Ether to target resistance levels such as $1,709 and $1,825 respectively.

Besides, it found support levels at $1,193, and $1,047 respectively.