Ether prices are up by 5.70% in the last 24 hours.
A Look At Weekly Charts
The closest support level lies at $180. Unless a massive sell-off happens, these levels are unlikely to be tested. During the latest price rally ETH prices bounced off resistance levels placed at $217.
Source – CoinMarketCap
Furthermore, in the short term, the level of $233 holds significance. Interestingly, in two months ETH price has not crossed this margin. Thus, a movement over $220, can lead the prices to cross $233.
Reasons Behind The Price Rally
Yesterday, Ethereum, in an interesting instance, flipped Bitcoin in daily fees. ETH’s price peaked out at $215.
A major catalyst for the surge in ETH price is its steep decline in mid-2019. ETH recorded a 93% drop from its highest price which gave rise to oversold conditions. Thus, when the price recovered above $190, it acted as a resistance level and led to ETH establishing a monthly high.
Further, lead analyst, Crypto Welson has predicted a massive bull run for Ethereum.
He then gave an interesting comparison of price trends seen in 2017- 2019. Further, he said that if the fractal comes into play with a larger force, then ETH could be at the start of one of the biggest runs yet!
Ethereum’s Co-Founder Joseph Lubin also took to Twitter and gave an insight on statistics related to Ethereum’s network.