Ethereum (ETH) Price Skyrocketing towards $300, Can Anything Stop it?

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Ethereum is breaking through barriers left, right and center in a rally that has now dwarfed the recent Bitcoin run. The price of Ethereum surged another 17 percent today, bringing the total of its week-long gains to over 50 percent – higher than that of both Bitcoin (BTC) and Ripple (XRP). Earlier today the digital asset hit a high of $272.66, a full $100 higher than it’s price was this time last week.

Minor resistance at $270 has knocked it back down to current levels around $260 but it doesn’t look like the rally is going to end any time soon. The 50-, 100- and 200-day moving averages still put Ethereum in a strong buying position although the relative strength index (RSI) is getting pushed to breaking point levels, now up at 86.07 – extremely overbought territory.

ETH/BTC Pair

As Bitcoin’s gains subside, Ethereum is building a strong position against it. Ethereum is now up to 0.032 against the king of crypto, a huge jump from a recent yearly low of 0.024 – although still a way off from the January high of 0.041.

As with ETH/USD, ETH/BTC technicals put Ethereum in a strong buying position. Other than the SMA100 and the EMA200, the majority of moving averages support the continued uptrend and both RSI and Stochastic indicators are comfortably neutral.

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What does the community think?

Sentiment in the crypto community remains strong for Ethereum, with ever-popular Twitter trader @TheCryptoDog suggesting putting 25 percent of your portfolio in ETH, along with 50% for BTC. Yesterday’s suggestion by @CryptoHornHairs to refill at $230 with the aim for $258 has panned out and next up he has $300 in his sights. Long-time crypto trader Mayne (@Tradermayne) agrees, tweeting a graph with the simple message: “Next stop for $ETH about $300”.

d6pmqhqvsaam0ji 660x365 - Ethereum (ETH) Price Skyrocketing towards $300, Can Anything Stop it?

Graph by @TraderMayne

$300 is a significant resistance point as it corresponds with the level that Ethereum lost support at back in early September last year. If it can break through $300 and maintain momentum above it, then the sky’s the limit.

Ethereum is currently trading up 16 percent today at $262.61 to the U.S. dollar with a market cap of $27.86 billion.

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