At the end of the weekend and into Monday, the Ethereum price pumped from $123 to $144, a 13 percent move against the U.S. dollar. Some analysts believe the 5th February drop to $100 might have been the bottom for Ethereum in 2019.
Cryptocurrency trader DonAlt commented on twitter:
“Well, this is a proper moon. Not a big liq. spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on Mex. Right at resistance here – will be interesting if it can break through or not.”
The optimistic price movements of major crypto assets such as Ethereum, Binance Coin, and EOS have come during a gloomy period in the overall mood of the crypto market.
Overall the cryptocurrency market had experienced extended periods of low volatility in the past several months and each one led to a dip in the valuation of the crypto market, because of this many traders expected the trend to continue.
However, on February 18, fueled by the sudden surge in the price of Ethereum, the crypto market initiated a recovery and there was a general uptrend right across the board.
On Sunday Ethereum (ETH) $137.148 -0.69% shifted into a bullish mood and surged past the $125 and $130 resistance levels and onto new monthly highs.
Some analysts point to the hype building up in advance of Constantinople 2.0 and the 3rd’ning approaching on February 25th – 27th.
Traders would be advised to monitor the price action over the next few hours to ensure they don’t succumb to FOMO. However, the ETH chart looks quite bullish at the moment. That doesn’t mean opening long at resistance. Traders would be advised to wait for a pullback and long that instead. Alternatively they could wait for it to start consolidating under resistance.
Image courtesy of DonAlt and Tradingview
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