Ethereum [ETH] continues its surge, breaches key resistance at $135.41
The cryptocurrency market saw a major spike on Sunday and there were moderate to significant gains registered by all the top coins. On Monday the bullish trend continues and the total market cap of the crypto industry stands at $126.46 billion which is a positive sign for the market and it bodes well for the future. Nearly all the top coins are trading in the green and have shown remarkable recovery after a rather sluggish opening to the New Year. Things have finally started to move on and it seems that we are in for a better week than the last one. The leader of the pack, Bitcoin has crossed the $3700 mark and is currently trading at $3759.22, which is up by 3.16 percent in the last 24 hrs. Another big fish of the market, Ethereum [ETH] has made a big splash and is currently up by 11.42 percent and is trading at a one month high of $138.12. The total market cap of the leading altcoin stands at $14.5 billion and the volume traded in the last 24 hrs stands at $5,026,742,097. Ethereum has been the biggest mover in the market and has strengthened its position at the number two spot well ahead of XRP which is lagging behind at the number three spot.
At the time of print, the cryptocurrency has found support at $105.5500 and is trading well above the key resistance at $135.4100. The coin has made significant moves in the past two days and the bullish momentum has carried it past the key resistance level. On Sunday Ethereum [ETH] shifted gears and zoomed past the resistance levels at $125 and $130 levels. On Sunday Ethereum price topped out at $137.48 which represents about a 12.5% move and the king of altcoins also managed to cross above the 200MA for the first time in months. At the time of print, the RSI indicator for the coin stands at 75.1966 and it is well into the overbought territory. The MACD shows that the coin is in the bullish zone and the 100 EMA line shows an uptrend. Even though it seems that the coin will pull back a little, it is well above the support at $105.5500 and many critics say that this sudden upsurge may be because of the hype building around the Constantinople upgrade.
At the time of press, the digital asset is up by nearly 8 percent and one Ethereum [ETH] is equivalent to 0.03679462 BTC.
- In an interesting development last week, the 385-member association, Ethereum Enterprise Alliance (EEA) which aims to develop open, blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide announced that it is planning to form a ‘Token Task Force’ to run on top of Ethereum and other blockchains based on it.
- On Friday last week, Nasdaq announced that it will be launching two new indices for Bitcoin and Ethereum and the indices will be named as Bitcoin Liquid Index (BLI) and Ethereum Liquid Index (ELI) and the indices will be launched on February 25, 2019.
Image via Shutterstock
Join our Telegram group