After jumping 20% over the weekend from $100 to $120, Ethereum’s price is holding steady at the newfound support. As most cryptocurrencies are currently trading sideways Ethereum has joined the party as usual and is following the overall trend. The volume is picking up a bit which is definitely a good sign when it comes to the short term future of Ethereum’s price.
Ethereum and XRP are still battling it out for the top second spot with ETH’s market cap currently in the lead by around $200m. As always, it’s important to keep in mind that XRP’s market cap that’s displayed on CoinMarketCap is not the asset’s true cap, depending on who you ask. Despite that fact, Ethereum fans are surely happy with the current situation.
After the recent pump during the weekend it’s surprising that Ethereum has held it’s value. After all, cryptocurrencies like XRP, Litecoin, Bitcoin Cash, TRON, Stellar, and much more have lost some value as the market looked for new support. Whether the current situation with ETH will continue is up for debate.
An interesting statistic to take a look at is the reduction of new ether supply per day. Matthew Voke from twitter comments on that fact:
— Matthew Voke (@MatthewVoke) February 11, 2019
With a decreased ETH supply per day there will be an increase in positive market momentum. If that trend continues we can assume more positive momentum moving forward.
On the other hand, what stopped the most recent pump most likely were sell orders on Coinbase. In order for ETH to continue the rise there will need to be a lot more buy volume in the near future. As such it’s a good idea to pay close attention to that. Bit in a box from twitter comments on that situation:
Damn completely forgot about this trend line on the Coinbase chart (inverted one above) since it’s not on my mex chart. Looks to be what stopped this pump. Gonna need more volume to break $ETH pic.twitter.com/h9Ds3gS9r7
— Bit in a box (@Bit_in_a_box) February 11, 2019
Overall ETH is in a good position as of right now not just because it held the $120 support level after the weekend, but also due to the fact it surpassed XRP on coinmarketcap and is back at the number two spot. There is also almost 10x more volume for ETH than there is for XRP so things are looking promising for the cryptocurrency in the near future.
Disclaimer: The author may have a stake in the cryptocurrencies discussed in the article. This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
The post Ethereum Price Analysis – Support Holding Steady at $120 appeared first on The Merkle Hash.
Source: The Merkle
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