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Ethereum Unlikely Rally Needs To Begin With Breach Of 123 Level

The volatility of the Cryptocurrency market has been more than imagined in recent days, and data suggest that volatility of Ethereum was even higher than Bitcoin, at 4.58%. What resistance does Ether have to reject in order to continue its climb?

According to AMB analysts, if Ethereum can break the $ 123 resistance daily high and close above it, one could hope for a price jump. At the time of writing this price analysis was over $123, but don’t forget that it should remain at the end of the day.

In the historic crash of the Cryptocurrency market on March 12, Ether prices fell by 48%, breaking a strong support line that had been doing well since the beginning of the year 2020. Completion of the breakup pattern also lost support at $123, $135, and $153 within 24 hours.

eth_chart

However, an uptrend is awaiting Ethereum.

According to the VPVR Index (the index for measuring market activity at a particular price), the highest volume of transactions in the past five months has been in the $ 123 to $153 range, which is high and promising. The maximum volume of one-day trading in the last five months has been at $127, and Ethereum needs to stabilize above that to start another bullish trend.

Although the current price range for Ethereum appears to be temporary, it should not be overlooked that last week’s volume of Ethereum was the highest for the year 2020. The high trading volume may indicate that the price will remain stable in the near future. There are two scenarios for continuing the price trend of Ethereum.

Ascending Scenario: Given that the lowest price of the year has been touched by Ethereum for the 2020 year, this currency can immediately return to the $123 to $135 range. Continuing this trend could lead to the closing of ether prices above $135 in the next four weeks.

Downside Scenario: It is imperative that the market is currently stabilizing at a low price range and failure to close within a day at above $123 resistance may eliminate the chance of a bullish 2020 rally. This quintet may have a sideways move and fluctuate below $123.

 

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