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Ethereum had a bullish start until 2018.
It has regained its position as the largest market capitalization altcoin after outperforming and exceeding Ripple's XRP.
The price action was trading in a steep upward trend. The buyer's momentum also increased with the increase in daily MACD and RSI.
The price is currently trading around $ 150, almost double the 2018 low, which was formed around $ 80 last month.
Ether's downward movements accelerated in mid-November when Ether broke below $ 170.
The price is getting closer to this point and it is debatable whether the steep upward trend can continue.
The RSI has formed a lower maximum indicating that the buying pressure is decreasing.
The 4-hour chart provides a closer look at the recent price action in Ether.
We'll probably find out soon enough if the price can continue its uptrend and overcome resistance to $ 170.
The uptrend line and the $ 170 resistance line form an ascending triangle pattern.
An ascending triangle model is generally a model of continuation of the trend.
This model offers a greater probability that the price may continue to rise, but most likely depends on the general conditions of the market.
If the market makes bearish movements from this point, it is likely that Ether will stop the upward trend that has been forming since mid-December.
Key Takeaways:
- Ether had a bullish start until 2019 after claiming its position as the largest competitor for market capitalization.
- The ether went through a sharp rise in mid-December, but is rapidly approaching a resistance level of $ 170.
- The formation of a growing triangle increases the likelihood that Ethereum can continue to rise and break above $ 170, but most likely depends on the general conditions of the market.
Latest news about Ethereum:
| 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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