Ethereum Recovers as it Bounces off a Crucial Support Area

ethereum

On Wednesday, Ethereum recovered from its previous loss as it bounced off a crucial support area, likely propelling ETH up to a swing high. 

The world’s second-largest cryptocurrency boosted 3.75% or $4,272.03 with a 24-hour change of $154.56. 

At the same time, it now stands with a market capitalization of $501.99 billion. It also holds a 24-hour volume of $1.18 billion with $4,063.75 high and $4,388.37 high.

In early trading, Ethereum kept a strong movement at the $4,050.00 support level, outperforming Bitcoin. 

Consequently, the virtual coin formed a base and initiated a steady recovery wave beyond the $4,120.00 resistance.

Then, there was a clear break on top of the $4,200.00 resistance zone and the 100 hourly simple moving average.

Also, a break formed above a major bearish trend line with resistance close to the $4,205.00 on the hourly chart. 

Subsequently, the ETH edged above the $4,300.00 resistance and formed a high beside the $4,386.00. As of writing, Ethereum corrected gains under the $4,300.00 level. 

Eventually, a break formed below the 23.60% Fibonacci retracement level of the upward move from $4,026.00 low to $4,386.00 high.

Moreover, Ethereum traded beyond the $4,200.00 and the 100 hourly simple moving average. The initial resistance on the upside sat near the $4,300.00.

Correspondingly, the first major resistance is close to the $4,350.00 level. An upturn near the $4,300.00 and $4,350.00 levels could initiate another fresh increase.

In line with this, Ethereum might soar above the $4,450.00 level and move towards the $4,500.00 barrier.

Bitcoin Slightly Rises as Ethereum Jumps

Meanwhile, Bitcoin gained 1.26%  to $56,572.89 with a 24-hour change of $702.53. 

Currently, the largest virtual currency stands with a market capitalization of $1.07 trillion. It also has a 24-hour volume of $1.54 billion. 

Furthermore, the crypto market mostly traded green today, suggesting that traders take on more risk as the recent sell-off stabilizes.

Solana climbed 2.02% to $217.10 with a market capitalization of $110.72 billion and a 24-hour volume of $2.28 million.

Similarly, XRP increased 0.63% to $1.04 with a market capitalization of $103.94 billion and a 24-hour volume of $3.39 billion.

Likewise, Polkadot amplified 1.88% to $39.60 with a market capitalization of $44.32 billion and a 24-hour volume of $1.01 million.

Then, Ethereum Classic grew 0.52% to $48.56 with a market capitalization of $6.38 billion and a 24-hour volume of $8.65 million. 

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