Signs during trading in today’s Asian session indicate that the correction could be over already. Ethereum is leading the charge once again, can it reach $300 this time around?
Crypto markets appear to be recovering today though bitcoin has hardly moved on the day, remaining at around $9,800.
Total crypto market capitalization has moved however, to the tune of $14 billion signaling another altcoin resurgence.
Ethereum On The Charge
According to the Tradingview.com charts, Ethereum hit a low of just below $245 yesterday which was down around 15% from its 2020 peak.
Today, prices are back in bullish territory with a return to resistance at $270 over the past few hours trading. This equates to a solid 10% gain over the past 24 hours.
The pullback was not enough to reach the 50 day moving average indicating that the uptrend is still very strong. ETH is currently at the support/resistance level it hit four times between May and July 2019 and $300 is the next target above here.
A break to the low side would see the world’s second most popular digital asset fall back to support around the $240 area.
The conclusion of the ETHDenver event has been bullish for the asset with plenty of developments on the dApp and protocol side. Additionally co-founder Vitalik Buterin remained confident that the initial phases of Serenity will see the light sometime this year.
Every week brings innovative client optimizations, larger testnets, and an ever growing community of informed stakers all eager for Beacon Chain to get underway.
There has been a fair bit of DeFi FUD recently,