Ethereum, the second-largest cryptocurrency is up by nearly 9.5% in the past 24 hours and has started to flash bullish signals in its Bitcoin pair. One analyst is predicting that Ethereum will soon mount a major recovery and rally to new 2020 highs by building on the momentum gained from today’s price surge.
Ethereum (ETH) is now trading at $0.11, up 8.19% on the day and nearly 9.5% on a weekly basis. While this move may not seem like much of an increase, it’s important to note that ETH has been hovering around the $0.10 mark for quite some time now, so any price movement upwards could be considered significant given its recent stability level and frequent sideways movements between $0.10 and $0.12 over the past few weeks or so.
Ethereum Hopes For Sunny Days
In terms of technical analysis, Ethereum has started to show signs of a classic bull flag pattern – which would imply that there could be further gains ahead if the trend continues – while also flashing bullish signals in its BTC pair (meaning it will most likely outperform BTC).
Ethereum has been one of the best-performing cryptocurrencies in 2019. As a matter of fact, it has outperformed Bitcoin by almost 5x since January 1st.
But Ethereum recently broke out from a falling wedge pattern that it had formed since mid-December and this suggests that the market may be about ready to mount a major recovery.
The Ethereum price has surged in the past day, but it may need to show some significant strength if crypto enthusiasts are going to be convinced that a new altcoin season is upon us.
In the last 24 hours, ETH is up by nearly 9.5% against Bitcoin and over 6% against USDT. The coin has started to flash bullish signals in its Bitcoin pair as well, as it has broken above its range of support at $138-$132 and now sits at $138+.
