Jan 23, 2020 02:30 UTC
Jan 23, 2020 at 02:30 UTC
Ethereum Could Soon Be Breaking Out Of Its 2-Year Bear Phase
Since the beginning of the new year, Ethereum has outperformed Bitcoin. In just 3 weeks time, the world’s 2nd most popular cryptocurrency has surged 33% while its big brother has made just over 20% gains.
Since the minor pullback of the weekend, Ethereum prices have been building slowly higher, reaching $170 a few hours ago and standing right there.
Another major resistance point is just above $180 where the moving average of 200-days sits, and beyond that is the psychological $200 barrier for the digital currency.
In case the current momentum continues to a golden cross between the 50 and 200 day moving averages, then it could occur by the end of January itself. The last time the same happened was in early April 2019 and a 133% surge recorded over the next two months.
Longer-term technical signals too are turning bullish. As noticed by this ETH trader, the weekly MACD has passed out for the fourth time in history.
“Watching for weekly close to confirm and maybe retest in coming couple weeks, but super bullish!”
ETHUSD Weekly MACD has crossed up for the 4th time in history. Watching for weekly close to confirm and maybe retest in coming couple weeks, but super bullish! #ethereum #cryptocurrency #bitcoin pic.twitter.com/JQx1yALZ8L
— Alex.eth (@AlexanderFisher) January 21, 2020
The others have reverberated the sentiment with famous twitter trader ‘Galaxy’ notifying that Ethereum is too close to a breakout from its two-year bear market.
“$ETH is weeks away from breaking out its 2-year downtrend. Possible Bull signal incoming next week. February is take-off month.”
As Bitcoinist reported yesterday, the other Ethereum analysts too have their eyes on further surges with one targeting $335 point. First things first and that is the $200 barrier that would result in a four-month high when broken.