Ethereum (ETH) is currently making a massive upward move as BTC continues to struggle around its current market price. The second largest crypto by market cap has broken 3 crucial resistance levels during this uptrend. Most importantly, this current market wave by ETH was not prompted by BTC rally,as has usually been the case.
The ETH price is currently up by more than 7% in the past 24 hours at $237. The coin has been trading within the $218 to $238 range, throughout the day. A look at the hourly price chart of ETH/USD reveals that the traded volumes within the past 24 hours are much higher than that of the previous candles.
The breakout candle for the ETH/USD prices was also much higher than the previous average. The prices increase sharply after the breakout, which shows that there is increased buying pressure. The MACD for the ETH/USD trading pair has moved into the bullish zone after an upward crossover.
The ETH price is much above the 50 daily Simple Moving Average (SMA) and 200 hourly SMA. These are indications that ETH is out of the short term as well as the long term bear market.
Notwithstanding, investors who are planning of entering the ETH market at this current price wave should take caution. Since the Relative Strength Index (RSI) for the ETH/USD pair shows that ETH has been over bought. This means the ETH price could witness a strong correction soon, and the price will fall sharply.
Whatever the case may be, the dependence of ETH and the altcoin market in general on Bitcoin price action might soon have a structural shift.