The world’s first blockchain computer and number one smart contract platform, Ethereum, has been getting a lot of positive sentiment for some days now. In fact, the recent traction and positivity may be evidence that ETH has bottomed out and ignited a full recovery against the USD. A combination of factors has contributed to the good vibes that took the price up ETH up by 12.6%. For one thing, Samsung reassured the public of its plans to debut an Ethereum wallet with its upcoming galaxy S10. Coming after Opera announced that it would be creating an Ethereum wallet, it’s no surprise that the price of Ethereum took a surge upward.
Ethereum Price Surges Significantly Following Major Announcements
As reported by smartereum.com last week, Opera now allows users in Denmark, Norway, and Sweden buy Ether directly from their web browsers. They no longer need to register on centralized exchanges before they can get access to ETH tokens. This is Opera’s way of promoting mainstream adoption of the cryptocurrency.
Ethereum (ETH) Price Today – BTC / USD
This morning, the price of ETH was changing hands at $121 making it one of the top performers during the recent bull run that was ignited on February 8. Over the past seven days, ETH is higher by 12.6%. This shows that the sellers have run out of steam. Despite the fact that the buyers have been able to gather some momentum, they have been unable to take the price of ETH above the significant resistance at $135. If the price of ETH is able to move above this important resistance, buyers may be able to push the price as high as $170 and even $250.
The bulls were raving this morning in a top-down pattern. The sellers started gaining technical control of the price action. Due to the November lows, the $250 to $300 area is now an important region in the price action. The price has been rejecting lower lows recently. This may mean that the ETH hit a bottom near the psychological $100 level. The price has marked the 78.6% Fib retracement level of the December 2018 price action. If the bulls are able to maintain their hold on the market, the price of ETH may move as high as $170.
The price volume for ETH is also increasing gradually. When you compare the trading volume over the last seven days to the trading volume in mid-November and late December, you’ll see that it is relatively low. While the price of ETH is doing relatively well over the past week, the price is still more than 80% lower from its all-time high. The bulls may need a trading volume of at least 520k to take control of the market.
At the time of writing, ETH was trading at $123.46. This means it is up by 2.41% against the USD and up by 1.90% against Bitcoin. The trading volume over a 24 hour period is $3,243,784,904 and the market capitalization is $12,944,154,020.
Do you think ETH will continue to surge against the USD throughout the week?