This week has been a bullish respite from the bearish tone of 2018. The downward spirals of 2018 have hit Ethereum harder than most. Ethereum has hugely underperformed Bitcoin this year. Ethereum has lost 70% whereas Bitcoin has lost only 53%.
Although Ethereum has underperformed, these last few days have seen the largest altcoin by market cap outperform Bitcoin. It has appreciated around 5% over the past 24 hours and is trading near some key resistance points. Price action is currently trading at the 50 EMA, but a continuation of these bullish movements is likely to get the price over this point. Resistance is anticipated at $270 if the price can get over this point. RSI and MACD have both been increasing showing an increase in buyer momentum.
The price of Ethereum has been forming higher lows since mid-August. This is a sign that price may have found a bottom and is undergoing the process of finding higher valuations. Buyers are likely very cautious in Ethereum after seeing the price decrease from above $1400 in January to sub-$200.
The cryptocurrency market built bullish momentum starting on Sunday, and since then the price of Ethereum has been increasing and forming some higher highs and higher lows. Price currently trades around $220. Price trades significantly above the hourly 50 EMA which may act as support in the event of a pullback.
- Ethereum has been rising since Sunday and has been outperforming the market leader Bitcoin.
- Ethereum has formed a series of higher lows since mid-August, a sign the bottom may be in for the price.
- Currently, the price is meeting some resistance at the 50 EMA but is likely to overcome this if we get a continuation of the recent bullish price action. Resistance anticipated at $270.
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