Thanks to a bullish price movement, Ethereum, the second-most popular cryptocurrency is witnessing a strong recovery. It is currently hovering near the $1,410 mark as the bulls struggle to get a hold.
At the time of writing this article, Ethereum was trading at $1,408. It had gained 1.13% in the last 24 hours and 12.77% in the past week. Selling pressure is increasing as it tries to break past the $1,410 mark. If it manages to breach this level, Ether will face key resistance $1,432. It has support at $1,378.
Analysts believe the cryptocurrency will remain in a bullish trend. But there is potential for a short-term pullback. However, with the overall market sentiment still positive, Ethereum could continue its upwards trajectory in the next couple of days. Moreover, attention is on the popular network’s next major upgrade, the Shanghai hard fork, which is expected in March. This upgrade will allow participants on the Ethereum network to unlock their Ether they had staked on the blockchain.
As such, Ethereum price could see more gains. Price levels improved after the cryptocurrency overcame the sudden pressure from bears. Ether’s relative strength index has managed to stay in the overbought zone – a sign of strong market momentum.