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By December 16, within a week, the price of Ethereum has risen from $ 83 to $ 138, just over 66 percent.
Over the past week, Ethereum (ETH) has recorded a record number of short films on the major cryptocurrency trading platforms in BitMEX and Bitfinex.
While the price of Ethereum increased during a strong corrective rally triggered by the oversold conditions, short-term contracts were eliminated, allowing for the recovery of the price of the asset.
Not all positive for Ethereum
Although the price of Ethereum has risen 66% in a short period of time, it is still down 91% from its historic high of $ 1.488.
In traditional markets, a decline of 20% compared to the historical maximum is considered a bearish market. As such, even with a massive corrective rally, Ethereum and the rest of the cryptocurrency market are in a bear market and are struggling to recover.
A sudden breakout of major resistance levels may also leave a resource vulnerable to large declines in the short term, especially if it can not be sustained at high volume.
Hsaka, a technical cryptocurrency analyst, has suggested that Ethereum is a better asset shortly due to its high volatility and recent rally.
"Enough a substantial difference between the ETH and BTC structure, if you bet on the correlation remaining the same, and both return to the structural balance, $ ETH seems to be the best game for the courts, and BTC for the long," 39; analyst He said.
Currently, a cryptocurrency trader with the online alias "The Crypto Dog" explained that Bitcoin is facing different resistance levels between $ 4,000 and $ 6,000 and until the dominant cryptocurrency is out of this range, it is difficult to call a fund in the cryptocurrency market.
The dealer said:
$ 4,000 – $ 4,500 is a great drag and we could stop early. It is also possible that this could increase, but I do not think it goes much higher than $ 5,400, certainly not higher than $ 6,300.
In the second half of December, Bitcoin, Ethereum, Bitcoin Cash, Ripple and many cryptographic activities recorded relatively high gains compared to the US dollar.
An ideal scenario for the cryptocurrency market is a gradual increase in value from the current point in January of next year so that the market can enter in 2019 with a positive sentiment.
Can the Crypto Market Sustain Momentum?
Before the 66% stake in Ethereum, the price in Bitcoin Cash tripled from $ 75 to $ 238, and the price of Bitcoin rose from $ 3,210 to $ 4,000.
The main cryptographic resources have shown strong daily volumes, with the daily volume of the encrypted market exceeding $ 20 billion. As long as Bitcoin and Ethereum can sustain their volumes, the cryptocurrencies of small market capitalization are likely to follow the price trend of the two digital resources.
As Joseph Lubin, the co-founder of Ethereum, said:
I'm calling the cryptographic fund of 2018. This fund is marked by an epic amount of fear, uncertainty and doubt on the part of our friends in the 4th and crypto-fifth estates.
Shutterstock foreground image. TradingView Charts.
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