The cryptocurrency market has had a net positive week so far and the week may end on a positive note.
The cryptocurrency market has been performing well since the beginning of the week. The market has increased its value by more than 5% since the start of the week, with a total market capitalization now above $920 billion. If the positive momentum continues, the total market capitalization could cross $950 billion before the end of the week.
Bitcoin remains the pace-setter of the industry and is up around 2% today. It maintained its price above $20,000 but continued to struggle to surpass the $21k resistance area.
Ether, the world’s second largest cryptocurrency by market cap, has had a net positive week so far. Over the past seven days, ETH has increased its value by over 15%, making it one of the top performers among the top 10 cryptocurrencies by market cap.
In the past 24 hours, ETH is up over 3% and is trading above $1,100 per coin. If it maintains its positive performance, ETH is likely to surpass the $1,200 resistance in the coming hours.
prime level to watch
ETH/USD 4-hours chart is positive as Ether has been performing well since the beginning of the week.
The MACD line turned into a positive zone a few days ago and has maintained its positive momentum above that level. The 14-day relative strength index of 62 suggests that ETH may enter overbought territory if market conditions continue to improve.
As of press time, ETH is trading at $1,186 per coin and is likely to rally above the $1,200 resistance before the end of the day.
However, Ether will need support from the broader markets to cross the $1,300 resistance for the first time this month.