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Ethereum Surges 10% Making Its Way to Test the Yearly-High

From the technical perspective, $245 is a significant resistance for Ethereum (ETH) as it marked the top before the mid-March crash took the price down to $100 which lined up perfectly with the 0.786 Fibonacci retracement level.

If ETH manages to surpass the level, the next major resistance according to Fibonacci will be at $288. Relative Strength Index (RSI) has surged into the overbought territory above 70, short-term traders should be aware of a possible pull-back.

The $288 also coincides with the yearly-high Ethereum made on February 14. Before reaching that local top, however, ETH will be facing a long-term suppressing trend line dating back to July 2019. Smashing through the downtrend will boost the bullish momentum for the coin and an attempt to make a new yearly high is now not so far-fetched.

Report from Delphi Digital suggested that the GAS usage on Ethereum blockchain has reached a new all-time-high (ATH) as people start building on top of ETH blockchain once again.

While the SCN30 Index, with ETH weighted the most at 20%, has jumped 9.49 points to 158.37 marking a weekly high. Cardano (ADA)’s mainnet hype is still gripping investors’ attention resulting in almost 20% gain during the past 24 hours.

You may also want to read: New Crypto & Gold Index Live on Bloomberg Terminals & Refinitiv

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SuperCryptoNews is Asia’s leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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