Ethereum has been doing extremely well for the past month, especially after the recent mini bull move that the whole cryptocurrency market experienced. Ethereum price is currently around $167 after peaking at $179 just 3 days ago.
The initial daily trend change happened back in December 2019 when the bulls managed to set a higher high followed by a higher low at $125. The bulls then saw more continuation breaking the last high of $137.8 and reaching $148 just a few days later.
They also managed to break above the 12 and 26-period EMAs on the daily chart and have been able to hold them as support for the past 2 weeks. The RSI (Relative Strength Index) has been quite overheated, especially after the 15% price surge back in January 14th.
The bulls have managed to cool off the RSI a little bit after a brief and healthy consolidation down to $161. They are currently looking for more continuation and a break of the high of $179.32.
Ethereum Price Smaller Time Frames
Looking at the 4-hour chart we can note a bit of indecisiveness among both parties. Ethereum has been trading sideways for the past 28 hours and it’s currently setting up an Equilibrium Pattern that it’s already extremely tight with only around $3 as the range.
Similarly, the hourly chart has been very sideways although with a slight advantage for the bulls. A small uptrend has been set on the hourly chart, something that could indicate the direction that the 4-hour equilibrium pattern will break to.
Ethereum Updates Might Have Helped
Ethereum has been undergoing a series of upgrades and forks as part of the 2.0 schedule to transform Ethereum’s current proof of work consensus algorithm into a Proof of Stake one.
Ethereum has experienced a few major network upgrades during 2019 which at first didn’t seem to be helpful at all for Ethereum price, however, recently it seems that the market is finally reacting as ETH gains strength on the longer time frames too.
The weekly chart was in a clear downtrend for the last half of 2019 and it is in fact still in a downtrend even though the bulls have been able to push Ethereum 54% up from the bottom at $116.
The bulls, however, still need to set an uptrend by first setting a higher low and then a higher high. The current fight is around the 26-period EMA at $170, a level where the bulls have been rejected 2 weeks in a row now. They are still, however, holding the 12-period EMA and the recent bull move has been quite significant as it comes with increasing bull volume.
Conclusion
Ethereum is clearly bullish in the short term and is showing really positive signs in the longer time frames too. The weekly chart is waiting for a trend change although the monthly is still quite neutral.
Perhaps Ethereum’s upgrades will be able to push the digital asset above $200 again, only time will tell.
