Ethereum (ETH) Tags Along as BTC Pokes Through the $80,000 Ceiling
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Ethereum has broken above the $2,555 resistance, supported by strong buying activity.
- The SRSI is turning upward, while ETH remains well above the 9-day EMA.
Ethereum is experiencing some notable price movements during today’s trading session. Some traders have registered a $70 gain from their previous positions. This is evident from the ongoing session, as the price breaks through the $2,550 resistance level. Let’s take a closer look at the coin below.
ETHUSDT Price Action on a Daily Chart
From the price chart, it is revealed that the market has broken out of a sideways consolidation movement. The latest price candle on the chart has poked through the drawn trend line representing resistance at the $2,555 price level.
Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are still in the oversold region but are taking an upward direction following a bullish crossover. The corresponding price candle for the ongoing session has placed the current price of the coin significantly above the 9-day Exponential Moving Average (EMA) line.
Strong Buying Is Ongoing in Ethereum
The indications seen in the Ethereum market clearly indicate that upside forces are strong, driven by strong buying activity. This has pushed the market past the wall-like resistance at the $2,555 price level. It is crucial to note that even at this level, the SRSI indicator lines are still below the 50 mark.
However, this is not necessarily detrimental to the ongoing trend, as the ends of these lines are pointing upward, indicating that buyers are currently in control.
ETH May Hit the $3,000 Mark
Judging by the room left for upside forces to develop, it appears that traders may be considering the $3,000 price level as a psychological target.
This may seem ambitious at the moment, but the market could reach this level. The SRSI lines are well-positioned to allow bullish momentum to develop. As such, $3,000 could remain a potential target.
