Ethereum and other altcoins along with BTC are holding on to their support levels indicating the possibility of a short term rally. The assets were trading with a 10% 24 hour price increase with volumes up by almost 84%. After the ETH network goes through the transformation from PoW to PoS the average gas will come down to around 0.0015 Ether. The investors are waiting for some indication from the US equities market as well the US dollar.
At the time of writing, ETH was trading at $1,160.
After taking the support around the crucial level of $860 (Low of 4th Jan 2021), ETH showed some signs of recovery and rallied almost by 44% up to $1,280 from the low of $881. However, the bulls failed to push the price above the resistance of $1,275 and witnessed a minor correction by forming a ‘Lower Low Lower High’ pattern and dropped to $997.
Currently, ETH is trying to take support at the psychological level of $1,000. To witness a rally, the asset needs to close and sustain above $1,275.
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