- Avalanche bull run hits a new all-time high at $65 while its technical picture hints at the bullish leg stretching further.
- Ethereum resumes the rally toward $4,000 after breaking the stubborn resistance between $3,500 and $3,600.
Bitcoin has settled above $47,000 while eyeing levels above $50,000 as the week’s trading nears the tail end. Altcoins, led by Ethereum, are also reaching for higher weekly and monthly highs to recover the lost ground during the massive losses last week.
Most of the top ten crypto assets are green and spotting single-digit 24-hour gains apart from Solana and Polkadot. Ether is up 4.7% to exchange at $3,560, while Cardano spots a 2.8% growth while trading at $2.45.
Avalanche bulls have continued to outperform themselves since the beginning of August. The token’s value has surged at least 364% in six weeks to trade at $60. Moreover, a new all-time high has been accomplished at $65 compared to July lows of $9.
The bulls’ priority is to keep AVAX above $60 to ensure a correction is averted while the uptrend is intact. According to the general technical outlook, buyers have the upper hand, and the situation will likely remain unchanged in the near term.
It is essential to consider the buy signal from the Moving Average Convergence Divergence (MACD) on the daily chart. As long as the 12-day EMA stays above the 26-day EMA, the uptrend will hold, and Avalanche will draw closer to achieving a new record high, perhaps above $70
AVAX/USD Daily Chart
Ether has resumed the uptrend after stalling under $3,500 for a couple of days this week. The smart contracts token had plunged near $3,000 last week. Prior, Ethereum brushed shoulders with $4,000 in early September.
At writing, Ether is teetering at $3,664 after taking down the resistance between $3,500 and $3,600, as discussed on Wednesday. Note that the uptrend seems strong enough to close the gap to $4,000 in the coming sessions or days.
ETH/USD Daily Chart
Realize that the MACD is on the verge of sending a buy signal on the exact chart. This call to buy into ETH comes after a potential drop below the mean line was averted. Buying pressure is expected to surge as the 12-day EMA crosses above the 26-day EMA, a move bound to push Ethereum higher. Besides, establishing support, preferably above $3,600, will ensure Ethereum bulls focus on $4,000.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.