Ethereum market update: ETH/USD leads the altcoin park in breaking away from Bitcoin – FXStreet

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Ethereum market update: ETH/USD leads the altcoin park in breaking away from Bitcoin – FXStreet
  • Ethereum price defends $180 support for an incredible move towards $200.
  • Technical levels are their prime for another majestic move that could clear $200 level resistance.

Ethereum price action over the weekend came as both a surprise and a welcomed move. Last week we discussed that investors were likely to start getting worried if Ethereum failed to correct the downtrend as soon as possible. The good news is that the largest altcoin seems to be breaking away from Bitcoin after breaking the downtrend with formidable gains above $180.

The rest of the altcoins have followed swiftly. Bitcoin Cash managed to secure $300 and advance towards $310 while Litecoin is up 1.7% after securing $70 as the main support. Other altcoins performing relatively well on Monday are NEO, IOTA, and Dash.

Ethereum, on the other hand, is trading above the hourly simple moving averages. Both the 50 SMA and the 100 SMA are playing catch up to the price currently testing $195 resistance. Following the impressive 2.55% rise in value during the Asian trading hours, Ether is holding ground at $194.31.

The moving average convergence divergence (MACD) divergence suggests that Ethereum is in a bullish range. Therefore, upward movements are not over yet and $200 is within reach. Moreover, the gap between the 50 SMA and the 100 SMA continues to expand signaling a healthy bullish momentum. The former strong resistance areas at $190 and $180 will from now function as key support areas.

ETH/USD one-hour chart

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