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This week was a bullish truce from the bearish tone of 2018. The descending spirals of 2018 hit Ethereum more than others. Ethereum quest has largely underperformed Bitcoin. Ethereum lost 70% while Bitcoin lost only 53%.
Although Ethereum underperformed, these last days saw the largest altcoin of market capitalization higher than that of Bitcoin. It has appreciated about 5% in the last 24 hours and is trading close to some key points of resistance. Price action is currently traded at 50 EMA, but the continuation of these bullish movements is likely to get the price beyond this point. Resistance is expected at $ 270 if the price can exceed this point. Both the RSI and the MACD are increasing, showing an increase in buyer momentum.
The price of Ethereum has reached minimum levels since mid-August. This is a sign that the price may have found a fund and is undergoing the process of looking for higher valuations. Buyers are probably very conservative in Ethereum after seeing the price drop from $ 1400 in January to $ 200.
The cryptocurrency market has created a bullish momentum since Sunday, and since then the price of Ethereum has risen and has reached higher and higher levels. The price is currently around $ 220. The price fluctuates significantly above the 50 EMA per hour which can act as support in the event of a withdrawal.
Key Takeaways:
- Ethereum has been on the rise since Sunday and outperformed the Bitcoin market leader.
- Ethereum has formed a series of lows higher since mid-August, a sign in which the price may be lower.
- Currently, the price is facing some resistance to the 50 EMA, but it is likely that we will overcome it if we get a continuation of the recent bullish price action. Early resistance at $ 270.
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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