RATE Group | Ethereum Surpassed a Key Level For First Time in 1 Year, Making Vertical Rally Likely
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Ethereum Surpassed a Key Level For First Time in 1 Year, Making Vertical Rally Likely

03 Feb Ethereum Surpassed a Key Level For First Time in 1 Year, Making Vertical Rally Likely

Posted at 16:55h in Ethereum News by

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It’s all systems go for Ethereum as technical analysis shows a possible breakout is on the horizon.

The end of January saw a rejection at $185. But since then, Ethereum has tentatively broken through. Today it’s up just under 1%, sitting at around $188.

Ethereum daily chart

Ethereum daily showing 50-day & 100-day MA. (Source: tradingview.com)

Ethereum Is Showing Bullish Signs

Technical analysis shows that the 50-day moving average is poised to cross the 100-day moving average on the Ethereum daily chart – a strong indicator of positive price momentum.

The last time this happened (mid-February 2019), Ethereum surged a massive 180%. From the cross to the peak, it hit $363 some three and a half months after the event.

However, this was followed by a strong reversal, setting off a downward channel ever since.

Should Ethereum manage to crack the $200 level, then it may be time for celebration. Having said that, caution needs to be exercised.

The Fundamentals Are As Strong As Ever

All the same, the fundamentals…

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