Key takeaways
- Ether is trading at $2,500 and could rally to the $3k level soon.
- The positive performance comes amid increased retail investment in cryptocurrencies.
ETH recovers the $2,500 level, could surge higher soon
Ether (ETH), the native coin of the Ethereum blockchain, has hit the $2,500 mark and could rally higher. This latest development comes following a bearish weekend that saw ETH’s price dip to the $2,100 region.
At press time, the price of ETH stands at $2,501 and could rally higher if the market conditions remain bullish. The positive performance comes as more retail investors increase their exposure to cryptocurrencies.
According to recent data by eToro, U.S. retail investors are increasing crypto exposure amid a weakening dollar and rising global uncertainty. eToro revealed that 58% of U.S. retail investors are rebalancing their portfolios to favor digital assets.
ETH could surge to the $3k resistance level soon
The ETH/USD 4-hour chart is extremely bullish and efficient, indicating that Ether’s price could surge higher in the near term. Ether has taken out the inducement liquidity (ILQ) at $2,378 yesterday and could rally towards the next resistance level.
If the bullish momentum persists, ETH could take out the monthly high price of $2,877 and rally to $3k, its highest level since February. In the event of an extended rally, ETH could seek out the fair value gap (FVG) around $3,200.
The relative strength index (RSI) of 62 shows that buyers are in control. If the RSI goes higher, then the ETH/USD pair will enter the overbought territory. The MACD lines are also in the positive region, indicating a bullish bias.
While the market remains bullish, the bears could still regain control. If that happens, ETH could retest the $2,100 lows.
