- Ethereum bulls target the $200 psychological resistance as the weekly price candle bounced off key support at $160 USD.
- The weekly MACD flipped bullish for the first time since December 2018.
- Ethereum (ETH) changes hands at $169.40 USD, as at the time of writing.
The cryptocurrency market has been on a momentous uptrend since the start of 2020, as top altcoins gained steadily against the dollar through the first two weeks of January. However, the bullish momentum has since slowed as most of these altcoins and Bitcoin (BTC) enter a consolidation area in preparation for a classical crypto bull run heading to May’s BTC halving – which is expected to ignite a potential bull run.
Ethereum (ETH) in particular has had its ups and downs over the course of 2019 but the New Year brought in new money in the market as ETH/USD price spiked from $127.00 USD on Jan. 1 to over $178.00 USD on Jan.18, sending bulls to a frenzy making them believe the bottom was realized in December.
Despite the crypto market entering into hibernation, ETH bulls are not losing hope of a possible bull run in the coming weeks as long term technical indicators turn bullish. Two days ago the second-largest cryptocurrency saw a short term reversal to $160 USD, bouncing off the 4-hour bearish wedge channel support to current price levels.
The weekly MACD turns bullish for the first time since Dec 2018
However, the bulls will need to push the price towards the upper line of the 20-day Bollinger Bands at $172 in the near term to avoid capitulation. According to Crypto Lark, a cryptocurrency trading analyst, ETH holds a long term bullish view, with a key indicator having flipped bullish for the first time since 2018.
The weekly ETH/USD charts offer a fairer view of growth on the pair as the price looks to have set its bottom back in December. Ether is on a boost for the third consecutive week since hitting a low of $123.00 USD in the week preceding 17. Dec. The sudden spike in ETH price flipped the weekly MACD bullish, for the first time since the December 2018, as bulls enter into a short consolidation period.
With the weekly trading volumes also on the up, the bullish momentum looks set to continue in the long term.
Image from TradingView