26 October 2021 | ZebPay Trade-Desk
Ethereum (ETH) has seen a significant rally over the past week, currently trading around $4,200 after it broke through the stiff resistance it faced at $4,000. It came very close to setting a new all-time high but missed out on the same. ETH is up by approximately 12% over the past week, and ETH dominance too has improved, currently close to 19%, as the second-largest asset currently has a market capitalization of $500 billion.
ETH has been trading in an uptrend and last week the bulls pushed the price above the psychological level of $4k mark and made the high of $4,370. The asset surged almost by 59% within a month. However, ETH faced stiff resistance and was unable to breach the all-time high of $4,373 and corrected almost by 11%. The asset took support at the crucial level of $3,950 and bounced back above the $4k mark. To further rally ETH needs to break and close above the all-time high with good volumes. The rising moving averages and the relative strength index (RSI) in the positive territory indicate that buyers have the upper hand.
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