The past few were quite volatile for the financial markets around the world. The battle against the Coronavirus is yet to be won. Cryptocurrencies have been caught up in the volatility as well. Major cryptos such as Bitcoin (BTCUSD), Ethereum (ETHUSD), Ripple (XRPUSD) had nothing less than roller-coaster price movement since the beginning of this calendar year.
The rebound of Crude oil prices has suddenly given a massive boost to Ethereum. ETHUSD, which was earlier moving in a bearish consolidation channel, seems to be steadily rising.
Ethereum riding the Bulls
ETHUSD Chart Published on TradingView.com
Let’s take a look at the ETHUSD hourly chart. It can be seen that ETH is on a steady uptrend. The day’s range for Ethereum so far is $184.57 — $191.00.
Ethereum traded at $167.25 on April 20. On April 23, ETHUSD crossed $191. That is more than a 14.3% jump in three days.
As of now, Ethereum seems to be in a Bullish phase. The auspicious resistance was at $185, which ETH was able to break. If the bulls continue to stay in charge, it might be a plausible prediction of ETHUSD crossing $200 before the Bitcoin halving takes place in May.
The daily chart for ETHUSD presents a more vivid picture. ETHUSD seems to be in an uptrend even in the more granular timeframe. Here’s what the technical indicators are pointing to:
- The Moving Averages point to a ‘strong buy’ signal for the short as well as the ‘medium-term.’
- MACD gives a ‘buy’ signal.
- Relative Strength Index or RSI, is currently neutral.
It might be a good time to accumulate ETHUSD now. The halving of reward for BTC in May will shoot the prices up for other cryptocurrencies as well.
