Weekly Ethereum price analysis

Ethereum’s price is positively reacting towards Bitcoin and also towards the American Dollar. The ETH – USD pair might soon reach the price value of $1,105. The virtual coin is currently being placed on second place due to its market cap of nearly $8 billions. Also, the cryptocurrency is in a continue combat with Ripple for second place. Still, the difference between the two market capitalizations is pretty big, that of above $4 billions, but the difference between Ethereum and Bitcoin is even bigger, that of nearly $11.

The key moments of Ethereum are the appreciation of the virtual coin relaltive to the US Dollar and the surpassing of the $1,000 value. On the ETH – USD 4 hours graph, there can be noticed two major bull trend lines that are forming a support at $990 and $770. Also, the ETH – USD relation could strenghten in the nearest future, the next target of the traders being the $1,105 quotation.

There is an ascending trend of the price, Ethereum being highly appreciated the past week. The price of the virtual coin has managed to surpass the resistance points placed at $900 and $1000. According to NewsBTC.com, there were some visible fluctuations surrounding the value of $1,000, but for the moment, the cryptocurrency has stabilized. Currently, the trades are placed above the sum of $1,000. The most important aspect of this past week, is the surpassing the $1,236 extension that is related to a decline.

Moreover, the road to quotation over $1,000 is open now. On the inferior side, of the ETH – USD graph for 4 hours, there can be noticed two major trend lines of bulls that have as support the prices of $990 and $770. The second support point is also the most important one, because it is very close to SMA 100. The current movement of the price is a positive one and the increases above $1,000 are very likely to happen. Ethereum is claimed to be by many speculators, the next Bitcoin, but until that is going to happen, it has to grow linearly and to have an ascending trend to slowly surpass the most popular cryptocurrency that is now going to $15,500.