Crypto Industry News:
The second largest cryptocurrency by market capitalization not only hit an all-time record last month, but also recorded a number of other important milestones.
In terms of prices, investors saw their highest monthly close in history as the coin closed the month at $ 1,313, breaking the previous record set in the summer of 2019 and also confirming the 20-month moving average above the 50-month average. From the point of view of the price outlook, this indicator definitely has a bullish sentiment.
Ethereum entered the month of February with a market capitalization of more than $ 151 billion, which is just under 15% of the value of all cryptocurrencies. It also means that the two biggest cryptocurrencies, bitcoin and ethereum, have a combined dominance of 75%, leaving the rest of the stake far behind.
As Money Movers data shows, ethereum outperformed bitcoin in daily transfer value, reaching $ 19.1 billion per day – compared to $ 9.78 billion in Bitcoin.
Technical Market Outlook:
The ETH/USD pair has made a new all time high at the level of $1,575 (at the time of writing the article), so the breakout from the triangle pattern was good. The next target for bulls is seen at the level of $1,600. The key technical support is located at the level of $1,414 (2017 high). The intraday support is located at $1,500. The long term up trend is still intact and there is no indication of trend reversal or termination.
Weekly Pivot Points:
WR3 – $1,679
WR2 – $1,589
WR1 – $1,419
Weekly Pivot – $1,318
WS1 – $1,150
WS2 – $1,040
WS3 – $882
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,500, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.
The material has been provided by InstaForex Company – www.instaforex.com
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