Ethereum Jumps 14% in a Week, Surpassing $2,300
This Monday, March 16, Ether soared, recording a high of $2,308.54 over the last 24 hours, an increase of 8.87% compared to the previous session. This surge concludes a week of almost continuous growth from the low of March 9 at $1,929.65. The token is currently trading around $2,278.81, a level not seen for several weeks.
Ethereum's Steady Ascent
Ethereum closed at $1,992.98 on Sunday, March 9. Over the span of seven days, the price has steadily increased, moving from $2,036.51 (March 10) to $2,178.30 (March 15), before sharply accelerating this Monday to reach $2,278.81. The total gain for the week thus exceeds 14%. Trading volumes over the last 24 hours amounted to approximately 699,158 ETH, a level significantly higher than the average observed between March 11 and 14, where daily trades ranged between 152,500 and 400,500 ETH. This surge in activity accompanies today's bullish breakout. Concurrently, the VIX, the S&P 500's implied volatility index, rose by 12.63% to 27.29 points from 24.23 in the previous session. This increase in stock market volatility does not seem to hinder the bullish momentum in the Ether market at this stage. However, Ethereum remains 54% below its all-time high, close to $4,957.
Technical Milestones Achieved
Today's session marks two significant breakthroughs. Ethereum is now trading above its 50-day moving average, which stands at $2,139.80, having reclaimed it as early as March 15 (closing at $2,178.30). This positioning above the MM50 had not been observed since the indicator began to decline from above $2,248 in early March. The price has also surpassed the resistance identified at $2,209.03, corresponding to the high of March 13, to record an intraday peak at $2,308.54. The 200-day moving average, positioned much higher at $3,236.62, remains a distant target and reflects the still-present long-term bearish trend. The RSI is at 58, in the neutral zone, after having reached 66.85 the day before. Despite today's sharp rise, the oscillator does not indicate an overbought condition, which leaves room for the current movement to continue before reaching the usual tension threshold of 70. The ATR at 117.16 confirms high volatility but slightly contracted compared to the levels at the beginning of the week (140.74 on March 9).
