Technical Analysis: Ethereum (ETH) Price Undergoes Healthy Consolidation
Ethereum (ETH) has recovered nicely from a small crash around a week ago, with much of the cryptocurrency market experiencing the same bounce. ETH went from a low of $153 to a high of $199.50 in just 4 days, a 30% increase, before pulling back to $183.
While the bulls were not able to crack $200, they still managed to shift the daily momentum in their favor. ETH is currently trading above both EMAs, which made a bullish cross early this week.
The bulls are looking for support at the 12-period EMA, unfortunately, the volume hasn’t been significant so far, which could indicate a lack of strength. That said, the altcoin appears to be forming a solid base before attempting another breakout above $200.
ETH is currently up 0.5% on the day to $183, giving the largest altcoin a $19.83 billion market cap. US investors interested in trading ETH commission-free can earn $25 in free BTC by signing up for the Voyager app through this link (use code: SLUDGE25).
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.