Ethereum cryptocurrency trades up $104.39, approximately 7.06% higher going into tomorrow

ETH rallies $104.39 (7.06%) deep into the session, trading at $1,585.

Ethereum made an initial breakout above its 50 day Simple Moving Average at $1,599, a potential indicator of a newly emerging bullish phase. Ether formed a session range of $1,461.61 to $1,592.65 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $1,533.42. ETH broke through the $1,579 resistance and climbed above it $6.11; next resistance level is at $1,623.

Overall, looking at the technical analysis landscape, it seems Ethereum might continue pointing upwards in the short term.

Ether shows positive signs, other assets are also on par: Bitcoin rallies 6.9% to trade around $22,031. Litecoin gained 9.37% and is currently trading at $76. Solana soars 10.93% to trade around $20.17.

Ether has fallen back around 57.88% from the significant high of $3,515 set 11 months ago. Ether is currently trading with a market cap of 193.98 billion with an average daily volume of 7.56 billion.