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Ether Surges Above $700 For The First Time In Two Years: Analysis

12/28/2020

Ether surges above $700 for the first time since 2018 as it soared on over the weekend, as we can see in the latest Ethereum news today.

The native crypto of the Ethereum network, broke the $700 price point for the first time since 2018 after it marked an 11% gain in just 24hours. ETH was as low as $6242 before it surged above $700 in just a few hours. The second-highest crypto by market cap, the total value of the coin was $80 billion as of press time. BTC was also rallying over the Christmas weekend at one point piercing the $29,000 mark before it was trading in the $27,300 range and made ETH shoot higher above $700.

ETH Daily
ETH 24-hours Price Chart (Source: Coingecko)

The volume was notably higher on eight exchanges as per the charts so the combined value of ETH changing hands on those exchanges was more than $2.3 billion with an average daily volume of $2.175 billion over the previous week.

As previously reported, Ethereum became vulnerable as the $600 level now acts as a stop for further increasing of the price. ETH faced an increase in selling and dropped to $550 against the US dollar with the ETH price correcting higher while more upsides are likely to remain below $590. Previously, It declined sharply below the $600 level and the $580 support levels as Ethereum became vulnerable below these levels. The price is recovering from the $550 level below the 100 hourly simple moving average and a key bearish trend line that formed with the resistance of $592 on the hourly charts of the pair that could resume its drop as long as it is below $595. Ripple saw a huge decline below $0.400 and $0.300 that resulted in bearish moves in BTC and ETH with Ethereum’s price crashing below $600 and $580 support levels.

eth weekly
ETH 7-Day Price Chart (Source: Coingecko)

Breaking above the $595 and the $600 resistance level seemingly opened the doors for more upsides as the next major resistance nearing the $620 level and the 100 hourly simple moving average. If ETH fails to surpass the $595 and the $600 resistance levels, it could start a fresh drop with initial support on the downside nearing the $570 level. Thanks to Ethereum’s surge, the Synthetix Network Token gained 30 percent. SNX is the top-performing crypto in the top 100 by market capitalization that outpaced Bitcoin’s increase. The crypto asset’s price action can be seen in the charts that we have below.