At the time of writing, Ethereum (ETH) is trading at around $177 following a 6% increase in price since last week.
Over the past 24 hours, ETH has gained around 3%.
The world’s second-largest cryptocurrency by market cap has been pushing to the upside since the start of the new year and is now back above all its EMAs.
As mentioned last week, the current ETH price action is showing bullish signals. The altcoin is already breaking the key resistance levels I mentioned last week – around $170 and $190.
Let’s take a look at the chart for Ethereum, courtesy of TradingView.
During the second half of 2019, ETH consolidated from a high of $320 to a low of $119, representing a price depreciation of 63%.
The altcoin experienced significant drops during the summer, and then again during September and November.
However, in a welcome turn of events, ETH has been putting in higher lows since the start of 2020, with price growing from $119 to around $177, where it now sits. In sum, Ethereum has spiked over 45% since the turn of the year.
I personally think the positive trend ETH is experiencing at the moment has a strong chance of continuing for the next few weeks at least.
Let’s take a deeper dive into the current Ethereum price trend.
As a result of this year’s positive momentum, ETH has climbed back up and is now well above all its EMAs. Last week, I mentioned how important it was for Ethereum to break above the 200-day EMA and stay there.
Volume-wise, ETH continues to hover above $12 billion, close to five times higher than in late 2019. At the moment, buyers are taking control, meaning volatility can be expected to increase.
Hopefully, green volume will continue to come into ETH as the altcoin keeps growing with the 200-day EMA as its support. My next TA target is the golden cross between the 20-day and the 50-day EMA.
The next price target I’m interested in is around $185, as there’s quite a lot of resistance around this level. If Ethereum is able to break through this resistance level, I see no reason why ETH can’t reach $200 soon.
On an equally positive note, the Istanbul upgrade and Munir Glacier have both been implemented successfully with only a few minor issues arising.
While the first hard fork was quite an important step towards ETH 2.0 as it implemented improved functionality and lower gas fees, the second update adjusted the difficulty bomb to make sure transaction fees remain low.
I personally believe we can expect a testnet release of the new Casper PoS soon, at least by the first quarter of 2020.
Safe trades!
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy in to his proposal.
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire
London, UK, 16th October 2024, Chainwire
Sinagpore, Singapore, 16th October 2024, Chainwire