Ether, the second-largest cryptocurrency by market cap, has seen a stagnant performance in recent weeks. Trading between the $1,750 and $1,850 level, it coincides with a flat performance from the broader cryptocurrency market, with the total cryptocurrency market cap at a steady $1.1 trillion.
At press time, Ether’s price stands at $1,852, up by more than 2% over the last 24 hours. This comes as the sentiment in the crypto market is improving, with investors turning to cryptocurrencies as a hedge against the US debt ceiling.
Looking at the 4-hour chart for ETH/USD, the technical indicators show that the bulls are currently in charge of the Ether market. The MACD line is now within the positive zone and the 14-day RSI of 64 indicates that it could soon enter the overbought region.
If the current market conditions persist, ETH could test the first major resistance level at $1,921. If the broader crypto market continues to support it, ETH could reach the second major resistance level at $2,008.
For those looking to buy Ethereum now, Binance and Coinbase both offer good options. Binance is suited to more experienced investors and offers over 600 cryptocurrencies, while Coinbase is well designed for beginner investors and has over 100 coins.
Disclaimer: Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.