Ethereum Pales Compared to Bitcoin; NEVER Could Be On The Cards

Ethereum [ETH] has rebounded uptrend, and the latest bullish sentiment seemed to strongly support the current price level. Over the past seven days, the largest altcoin climbed nearly 15%. Despite the fact that Ethereum’s price was found to be appreciating against the US dollar, but it has failed to grab the spotlight from Bitcoin.

Ethereum rose to a price of $ 655 after surging 0.78%. At the time of writing, the coin registered a market cap of $ 74.68 billion and a 24-hour trading volume of $ 15.11 billion.

Bitcoin has been reaching record levels. But as far as Ethereum’s price is concerned, it was still well below the $ 1,440 peak. The $ 700 level formed a strong ceiling for implementing ETH prices. Will Ethereun break the stagnation and aim for greater returns?

Ethereum [ETH] Daily Chart:

eth 3 e1608457684492

As shown by the chart above, ETH formed a bearish rising wedge pattern, which does not appear close to its breakout point, so an oscillation within both upward trends could be on the cards in the short term. This was indicative of a potential bearish cut once the wedge completes and could essentially trigger a dive into its previously broken support points.

On the other hand, the moving average projected the continuation of bullish momentum in the coming days. The 50 DMAs [Pink] continue to hover well above the 200 IFPs [Purple] support the ETH price candles of extended decline. The increased meter between the two was also another positive indicator.

2 4 e1608457825234

The Stochastic RSI suggests an over-thought signal for ETH and prolonged bullish pressure could keep this indicator in this positive zone for some time.

The OBV indicator shows that the volume of the crypto asset recovered alongside the Ethereum price action after forming a bearish diversion. The chart above illustrated volume aggregation as price increased. This further showed that the current uptrend could soon flip towards bearish or the coin could see a side move due to volume consolidation.

Ethereum resistance levels were currently $ 700.55 and $ 812 respectively, while its price was backed up at $ 531.9 and $ 380 by 50 DMA and 200 DMA.