Ethereum ETH Outperforms its Peers, Regains The 100-day MA
Ethereum is 0.33% higher today at $187.35 as the number two cryptocurrency continues to outperform its peers which most of them as of writing they are trading lower. ETHUSD strong rebound from September 26 lows at $153 stalled at the descending trendline which started in September 2019. Bears tested the $153 lows again at October 25th and managed to rebound sharply after China’s President Xi’s made surprisingly bullish comments on the future of blockchain technology.
Ethereum moved nearly 40% higher in less than two trading sessions since the bullish news broke out, but stalled at the 100-day moving average and retreated lower at the 50-day moving average which proved strong support. Ethereum market capitalisation today stands at 20.37 billion with the trading volume reaching 7.64 billion.
Ethereum seesaws the last two weeks around the 100-day moving average while today as of writing ETHUSD trades above the critical 100-day moving average.
On the downside, immediate support for Ethereum stands at $185.08 daily low, below this level more buying interest might await at 179.75 the 50-day moving average. Breach of that level might refuel the sellers and will open the way for the major support at $152.
On the upside, first resistance for Ethereum now stands at $188.15 today’s high, a convincing close above that level will open the way for a visit at $200 where the ETHUSD stalled late October.
Bitcoin is under selling pressure for one more day and is giving up 0.70% at $8,752.25 with a market cap at 159.18 billion, Litecoin – LTC trades at $61.88 with a market cap at 3.94 billion. The 100 biggest cryptocurrencies market capitalization now stands at 241.49 billion.More content