Ethereum has been amongst altcoins showing double-digit gains and it’s long term technical indicators are turning bullish once again.
Ethereum Crosses Weekly MACD
It would be fair to say that Ethereum is still deep within a two-year bear market. Since its heady peak, this time two years ago the world’s second most popular crypto asset has dumped 88% to current levels.
It has remained lethargic throughout 2019 with insignificant gains compared to its big brother. Ethereum actually ended the year lower than it started.
2020 has started on a slightly brighter note, but it couldn’t have got much worse for ETH prices.
So far this year Ethereum has gained 23%, most of that over the past couple of days. Prices have retreated back to the $160 level over the past couple of hours however as altcoins correct from their massive pump yesterday.
ETH prices 1 hour – Tradingview.com
The 50-day moving average turned positive earlier this month which could result in a golden cross on this time frame if bullish momentum continues.