Ethereum is the second-largest cryptocurrency by market capitalization. Out of the top cryptos, ETHUSD continues to be comparatively more bullish.
Like most other cryptos, Ethereum also shadows the movements in BTCUSD. However, it has time and again proved more reliable with a limited downside. And now that Bitcoin is rising, ETHUSD is rising even more rapidly.
Bitcoin’s rise fueled by negative rates announcement
The announcement by the US Federal Reserve on its decision to continue with the negative interest rates fueled Bitcoin’s rise. As soon as BTC started rising, ETHUSD gained momentum and broke past the $190 barrier.
Ethereum is looking steady at $196. If the bulls continue to dominate the market, the probability of ETHUSD crossing the $200 mark pretty soon is quite high.
Technicals reveal a strong bullish outlook for ETHUSD
Ethereum’s short term outlook suddenly turned bullish. If we look at the fifteen-minute timeframe for ETHUSD, we can observe that the rise is much steeper when compared to BTC.
Moreover, the spike in the volumes and the large green candles are a magnificent sight for ETH investors. The widening of the Bollinger bands indicates the potential of ETHUSD to rise even further.
The MACD indicator appears very bullish. The Relative Strength Index or RSI is at the 80-level of a 20,80 index, indicating that ETH is already overbought.
Check ETHUSD chart on tradingview.
Short term outlook for ETHUSD: Bullish
The short term view on Ethereum is bullish, considering the strong technical indicators. However, for the medium term, the outlook continues to be neutral.
An improvement in the economic scenario will undoubtedly aid the cryptocurrencies. The coming few days will indeed be testing times.
