Ethereum [ETH] Reclaims Largest Altcoin Position With Bullish Beginning to 2019

2019-1-2 18:34

ETH / USD Daily Chart: Ether Daily Chart – Source: Tradingview.com

After an extremely bearish 2018, the cryptocurrency of the Ethereum network – Ether – has had a bullish start to 2019.

While Ether was ranked second in terms of total market cap for the majority of 2018, it lost this position to Ripple’s XRP coming near the end of the year.

Ether lost this position after steep declines in price which resulted in a 2018 low forming around $80.

Ether has since begun a strong recovery with steep increases in price.

Price has been forming an uptrend and currently trades around $150.

Ether has recorded the largest increase in price over the past 24 hours of the top 20 cryptocurrencies by market cap with an 11% appreciation.

The strong recovery resulted in Ether reclaiming its position as the largest altcoin by market cap, and traders are noting it with many rushing to buy, as the number of longs open on Bitfinex has increased 6% over the past 24 hours.

ETH / USD 6–Min Chart: Bitcoin hourly Chart – Source: Tradingview.com

The hourly chart shows strong support coming into play at the upward trend line which is forming.

Buyer momentum has also been strong with the RSI and MACD both increasing on the daily and the hourly chart.

With such strong buyer momentum, it looks likely that the outperformance of Ether will continue in the near-term.

The last price surge reversed around $160, so this is an area to monitor if price continues to increase from here.

Key Takeaways: Ether is the best performing cryptocurrency in the top 20 over the past 24 hours resulting in it reclaiming the position of the largest altcoin by market cap. A steep upward trend line is forming and providing strong support on any price decreases which have taken place. Buyer momentum is strong with the MACD and RSI continuing to increase on both the hourly and daily chart. $160 is the next area to monitor if the price can continue to increase. Latest Ethereum News:

Ethereum [ETH]: Price Rebounded Right Back to Triple Digits, What Is Next?

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Ethereum [ETH] Reclaims Largest Altcoin Position With Bullish Beginning to 2019 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

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