The second-largest cryptocurrency by market capitalization has rallied nearly 50% this month from its recent low as buyers take back control of the space. Selling interest has dried up lately with any set back seen as a buying opportunity, in sharp contrast to the first three months of the year when rallies were sold. Ethereum is now closing in on technical resistance, which if broken could see the token rally by another 20% in the short- to medium-term. The cryptocurrency market as a whole has added $100 billion from the start of the month to currently stand at $345 billion.
The daily chart below shows the February 6 swing low at $568 now crossing the oblique minor resistance ($574) by the end of the week, a set-up that could cause the recent upswing to stall. A break and close above this level would open the way for Ethereum to close in on the 61.8% Fibonacci retracement level at $667, a level last seen in late March. On the downside, initial support is seen at $497 ahead of the strong support cluster between $360 and $430.
