Just like Bitcoin (BTC), ETH has managed to cross over a key long-term indicator along with the 100-period moving average which is a sign that a larger trend change could be in development. The price action peaked along with a strong area of support which turned resistance between the $140 and $149 mark shortly after the Monday trading session began.
ETH has risen and closed above the 100-period moving average (MA) on the daily chart as a sign that price action is changing from bearish to bullish. The relative strength index (RSI), on the other hand, has reinforced the notion of the higher lows after a break from the 12-month lower low market structure was seen.
If the direction of this trend is to be sustained, the new target for the bulls in the short-term would rest along January 5th’s peak high of $160.62 which was previously rejected by the 200-day moving average.
ETH/BTC is now strong and the ERC-20 tokens which mimic Ethereum’s rise and are part of its ecosystem such as Maker (MKR) and Binance (BNB) are surging as well – currently up by 70% and 61.88% this month, respectively.
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