Ethereum (ETH) is currently trading at around $313 after a significant increase in price from last week.
ETH was trading at around $280 last Tuesday, meaning price has increased over 11% in one week, accompanying the positive overall market trend.
Most altcoins have experienced consolidation or stagnation over the last few days. However, it seems that as Bitcoin stabilises, more prominent altcoins such as Ethereum are pumping as investors shift profits from BTC to ETH.
Will Ethereum continue its rise or will prices consolidate once more?
Let’s take a look at the chart.
Looking at the Ethereum chart above, we can clearly see a couple of interesting features. Firstly, the 20-day EMA has crossed the 50-day EMA, and the latter has crossed the 200-day EMA, which are both quite bullish signals.
Price is now also trading well above the 200-day EMA at over $300. Moreover, there could now be new support forming around $305, just above the 200-day EMA. This means the likelihood that price will come crashing down past this level is now lower, and will continue to diminish as long as ETH can hold above this key level.
For the time being, I expect ETH to maintain its positive momentum, as I don’t see a reason for the positive trend to break. Volume-wise, ETH has been growing steadily and is now close to the $8 billion region.
Recent news from the Ethereum Foundation is putting positive pressure on price, as the coin is expected to have at least a testnet of the new Casper PoS models ready by the first half of 2020. With the upcoming Libra project – a currency envisioned by the Facebook team – there will be extra pressure on Ethereum to develop as both have similar goals in terms of smart contract functionality.
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.
More Ethereum news and information
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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.