Ether maintained its price above $1,200 over the past few days and could rally higher soon.
The total crypto market cap could reach the $815 billion mark soon.
Ether could end the week above the $1,300 resistance point.
Ether could rally higher soon
ETH, the native token of the Ethereum blockchain, is up by less than 1% in the last 24 hours. It is the only leading cryptocurrency that is currently in the green zone in terms of weekly performance after keeping its price above the $1,200 resistance level.
At press time, the price of Ethereum stands at $1,224, up by 0.5% so far today. With the market now trading in the green zone again, ETH could move past the $1,300 level in the near term.
There is no catalyst behind Ether’s ongoing positive performance. The broader crypto market is trading in the green zone for the second-consecutive day this week after its poor performance on Tuesday and Wednesday.
The total cryptocurrency market cap could reach $815 billion, while the price of Bitcoin could finally cross the $17k resistance level before the end of the day.
Key levels to watch
The ETH/USD 4-hour chart is positive, as Ether has been performing well over the last few days. The technical indicators show that the bears have not fully relinquished control of the market.
The MACD line is just above the neutral zone, indicating that the bulls just have a slight control of the market. The 14-day RSI of 54 also shows that ETH is finding it hard to surge higher and enter the overbought region.
If the bullish momentum grows stronger, ETH could surge past the first major resistance level at $1,307 before the end of the day. However, ETH could need the support of the broader market if it intends to challenge the second major resistance level at $1,380 in the near term.
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