The cryptocurrency market has remained bullish over the weekend as all coins from the Top 10 list are in the green.
The total amount from the majority of the coins has affected the cryptocurrency capitalization index, which has increased by almost $30 billion. Currently, the value sits at $298 billion.
Below is the relevant data for Ethereum (ETH) and how it's looking today:
Market Cap: $35,150,803,392
Volume (24H): $12,258,636,955
Change (24H): 10.92%
The data was relevant at press time.
ETH/USD: How Long Can the Bulls Stay Above $300?
Ethereum (ETH) is the second top gainer after Cardano (ADA). The rate for the leading altcoin has increased 10.92% since yesterday, while the percentage amount from the weekend has gone up 33.83%
Looking at the hourly time frame, Ethereum (ETH) has already achieved the overbought zone. This is based on the data from the Relative Strength Index (RSI), which is forming a bearish divergence.
Even though the trading volume remains at the relatively high level, ETH's liquidity is low. This means that the interest to buy at the current levels has dropped. In this particular case, there is a probability of seeing a correction to its closest support at $309 very soon.
Looking the daily chart, the altcoin is also overbought, and a correction will start soon. ETH's trading volume has slightly increased against the ongoing rise, which means that a reverse may soon occur. As the more likely scenario, the bears may take back Ethereum (ETH) to the $280 area in order to maintain strength for a continued rise.
Looking at the weekly time frame, Ethereum (ETH) has come back to the area that it reached about a year ago. The trend remains bullish; however, it is unlikely that the level will break for the first time. Respectively, there might be a decline along the border of the rising channel at $278.
At press time, Ethereum was trading at $314.67.