At the time of writing, Ethereum (ETH) is trading at around $188 following a 6% increase in price since last week.
Over the past 24 hours, ETH has remained unchanged.
The world’s second-largest cryptocurrency by market cap has been pushing to the upside since the start of the new year and is now back above all its EMAs.
As mentioned last week, the current ETH price action is showing bullish signals. The altcoin is already breaking the key resistance levels I mentioned last week – around $170 and $190.
Let’s take a look at the chart for Ethereum, courtesy of TradingView.
During the second half of 2019, ETH consolidated from a high of $320 to a low of $119, representing a price depreciation of 63%.
The altcoin experienced significant drops during the summer, and then again during September and November.
However, in a welcome turn of events, ETH has been putting in higher lows since the start of 2020, with price growing from $119 to around $190, where it now sits. In summary, Ethereum has spiked more than 45% since the turn of the year.
I personally think the positive trend ETH is experiencing at the moment has a strong chance of continuing for the next few weeks at least.
Let’s take a deeper dive into the current Ethereum price trend.
The current ETH/USD trend
As a result of this year’s positive momentum, ETH has climbed back up and is now well above all its EMAs. Last week, I mentioned how important it was for Ethereum to break above the 200-day EMA and stay there.
Volume-wise, ETH continues to hover above $12 billion – close to five times higher than in late 2019. At the moment, buyers are taking control, meaning volatility can be expected to increase.
Hopefully, green volume will continue to come into ETH as the altcoin keeps growing with the 200-day EMA as its support. My next TA target is the golden cross between the 20-day and the 50-day EMA.
The next price target I’m interested in is around $200, as there’s still quite a lot of resistance around this level. If Ethereum is able to break through this resistance level, I see no reason why ETH can’t reach $250 soon.
On an equally positive note, the Istanbul upgrade and Munir Glacier have both been implemented successfully with only a few minor issues arising.
While the first hard fork was quite an important step towards ETH 2.0 as it implemented improved functionality and lower gas fees, the second update adjusted the difficulty bomb to make sure transaction fees remain low.
I personally believe we can expect a testnet release of the new Casper PoS soon, at least by the first quarter of 2020.