Ethereum has had a bullish start to 2018.
It has reclaimed its position as the largest altcoin by market cap after outperforming and overtaking Ripple’s XRP.
Price action has been trading in a steep uptrend. Buyer momentum has also been increasing with both the daily MACD and RSI increasing.
Price is currently trading around $150, almost double its 2018 low which was formed last month around $80.
The downward movements in Ether accelerated in mid-November when Ether broke below $170.
Price is once again approaching this point, and it is questionable whether the steep uptrend can continue.
The RSI has formed a lower high indicating some buying pressure is falling off.
The 4hr chart provides a closer look at recent price action in Ether.
We are likely to find out soon whether price can continue its uptrend and break above resistance at $170.
The upward trend line and the $170 resistance line are forming an ascending triangle pattern.
An ascending triangle pattern is typically a trend continuation pattern.
This pattern gives a greater likelihood that price can continue increasing, but a lot likely depends on overall market conditions.
If the market makes bearish movements from this point, it is likely that Ether will break out of the upward trend it has been forming since mid-December.
- Ether has had a bullish start to 2019 after reclaiming its position as largest altcoin by market cap.
- Ether has been in a steep uptrend mid-December but is fast approaching a resistance level at $170.
- An ascending triangle pattern forming increases the likelihood that Ethereum can continue to increase and break above $170, but a lot likely depends on overall market conditions.
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