Ether has doubled in value since the beginning of the year, but technical indicators are also beginning to turn red for the second-largest digital currency.
Looking at the GTI Global Strength Indicator, Ether is at its strongest buying level since May 2019. Coyne also accounts for 30% of the Bloomberg Galaxy Crypto Index, which has also entered a strong ovebourght zone.
Analysts expect the digital currency rally to continue, with Ether reaching strong resistance in the area at $ 400- $ 440.
Ether has been up nearly 110% since the beginning of the year. This is 80% below ATH at a price of $ 1,432 reached in January 2018.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov