Ether Outlook Improves as Price Pushes Above Key Moving Averages

gepubliceerd op by Coindesk | gepubliceerd op

ETH's is above the 100-day moving average with a $180 target along the 200-day MA. ETH/BTC pair has moved above the 200-day moving average for the first time in 242 days.

The world's second largest cryptocurrency by market capitalization ether has seen a stronger showing from the bulls after rising 36.77 percent in February so far.

Like bitcoin, ETH has also crossed over a key long-term indicator along the 100-period moving average, a sign that a larger trend change could be in development.

Price action peaked along a strong area of support turned resistance at $140-$149 before retracing shortly after Monday's trading session began.

As can be seen above, ETH has risen and closed above the 100-period moving average on the daily chart a sign that price action is changing from bearish-to-bullish while the relative strength index reinforces the notion of higher lows after a break from the 12-month lower low market structure in Dec. There was a steady increase in total growing volume, especially back in Nov. and Dec. 2018 that backed a break toward the 100-day MA but was eventually unsustainable and prices retraced 35 percent before finding the momentum to rally once more.

On the other hand, ETH's bitcoin denomination has performed exceptionally well so far in the month of Feb. and has crossed over the 200-day moving average for the first time since May 22, 2018, roughly 8 months ago.

Binance are currently up 70 and 61.88 percent respectively in Feb. a sign that investors are re-entering the ether markets at an exponential rate.

Other notable tokens such as Holo and ChainLink are up between 12.96 and 10 percent in Feb. so far and are profiting from ether's good fortune.

Could also be affecting investor sentiment and thereby ether's price action.

The upgrade intends to change the amount a miner is rewarded from 3 ETH per block reward to 2 ETH, which will in effect reduce the total supply of new ETH by around one-third.

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