(DAILY NOTION): ETH/USD: Can the Bulls Be Stopped in Their Tracks? Next Mover: Nonfarm Payrolls, Biden Stimulus Package

Source: Yahoo Finance

What an incredible rise from ETH/USD! It has climbed from its opening price yesterday at $1,518.38 to its current price of $1,668.78. The Moving Average Convergence Divergence (MACD) is pointing towards a bullish reversal, while the Relative Strength Index, (RSI), is unsurprisingly at 76. The overbought condition reflects the FOMO (Fear of Missing Out) sentiment in the market. Ethereum has now achieved a market capitalisation of $183 billion.

Analyst Anil Panchal from FX Street believes that there is a short-term resistance near $1,750, while the next resistance lies at $2,000. Fans of ETH/USD also believe that achieving $5,000 is possible, subject to a successful breach of $3,000 levels. Meanwhile, on the downside support levels rests at $1,600, $1,550, and $1,251.

Looking at the trend, the strong FOMO rally could be fuel to power the bulls on its upwards journey. Present market movers that could determine the risk-on sentiment in the market, might not deter the bulls in the tracks much. Those market movers include progress on the Biden stimulus package and the results of the nonfarm payrolls tomorrow. The latest ADP National Employment Report reported that private payrolls increased by 174,000 jobs last month. It is taken to be an indication of the nonfarm payrolls, however, let’s see what the actual nonfarm results will look like.

In the meantime, will the ETH/USD bulls continue to roar even louder? Will anything stop the bulls in their tracks? This will most certainly be an interesting space to watch.

ETH/USD (as of Feb 4, 2021, 10.45 a.m., GMT +8) - $1,668.78

#BidenStimulus#