Ethereum has had a bullish start to 2018.
It has reclaimed its position as the largest altcoin by market cap after outperforming and overtaking Ripple’s XRP.
Price action has been trading in a steep uptrend. Buyer momentum has also been increasing with both the daily MACD and RSI increasing.
Price is currently trading around $150, almost double its 2018 low which was formed last month around $80.
The downward movements in Ether accelerated in mid-November when Ether broke below $170.
Price is once again approaching this point, and it is questionable whether the steep uptrend can continue.
The RSI has formed a lower high indicating some buying pressure is falling off.
The 4hr chart provides a closer look at recent price action in Ether.
We are likely to find out soon whether price can continue its uptrend and break above resistance at $170.
The upward trend line and the $170 resistance line are forming an ascending triangle pattern.
An ascending triangle pattern is typically a trend continuation pattern.
This pattern gives a greater likelihood that price can continue increasing, but a lot likely depends on overall market conditions.
If the market makes bearish movements from this point, it is likely that Ether will break out of the upward trend it has been forming since mid-December.
|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.|
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