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Most of the cryptocurrencies have been rebounded in the last fortnight or so. December 7. Thus, in fortnight, the cryptocurrencies have rallied once again. The cumulative cryptocurrency market cap has risen by 30%. This clearly indicates that the broad-based markets are also rallying. Similarly, the performance of Ethereum (ETH) has been stellar as well. To be seen. There is a lot of headway to be made. It has fallen from very high levels. The question which remains is can Ethereum (ETH) rise even further.
Can Ethereum value increase further after surging 34% in a fortnight?
On December 7, Ethereum (ETH) had a low hit of $ 85. That was nearly a fortnight back. Today, it is trading around $ 114. Thus, in a fortnight, it has been managed by 34%. This is one of the main reasons why many analysts think that there is room for even more. The problem is that Ethereum (ETH) has fallen all the way from $ 1200. Thus, this can not be considered as a meaningful recovery. This can be a dead cat bounce as well. This is the reason why analysts are trying to figure out the Ethereum can attain a value in the shorter term.
When you look at the resistances, you will experience the resistance levels around $ 120. That is around 5% higher from these levels. It is around $ 103. Thus, the nearest support is the close resistance. If it is managed to surpass $ 120, so on the higher side, the resistances are plenty.
The support on the lower side. if it breaks $ 103 is near $ 100. After that, the support is around $ 91. Since it has moved in this price range, This clearly indicates that it might not be able to rise swiftly once again. Traders are stuck at the higher levels. They have bought Ethereum (ETH) at such high levels. It seems like it is happening at the lower levels for sure.
On the day when it hit a low of around $ 85, the volumes were over $ 2 billion. This is indicative of investing in the lower levels. It could not be the same again. It could be very soon to call the Ethereum value at this point in time. The volatility has just happened and it could take longer for it to stabilize.
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