Ethereum, the third largest cryptocurrency market capitalization, is trading at $ 148, a significant increase of 86% compared to the recent low of $ 81, which was formed on December 7th.
Looking at the Ethereum hour chart, it becomes clear that the downtrend has clearly ended, and the bulls have taken control of the situation. This is due to the fact that the price has broken through the downtrend line, shown in orange. Another evidence of an uptrend is the fact that the price is trading above the 50-day and 100-day moving averages (50-day green, and the 100-day pink.)
The RSI clearly shows an extreme overbought signal, and this may simply cause the bulls to withdraw some profit.
Immediate support is indicated by a green horizontal line. And the nearest resistance is shown by a red horizontal line.
And what do you think about Ethereum cryptocurrency?
