The miraculous market pump on 25 October not only helped Bitcoin make historic gains on a single day, but also allowed altcoins to follow the suit, with many of the top altcoins registering double-digit gains. Ethereum, the second-largest cryptocurrency by market cap, also saw its price in the green after quite some time. At press time, Ethereum was trading at $184.90, having risen by 2.02% on the 24-hour price chart.
4-Hour Price Chart
Ethereum has been trading in the green for the last couple of days, having breached the descending channel on 23 October. It fell sharply after, following which the upward momentum started, only to see a major bump on 25 October. In the short term, Ethereum looked to bank on the ongoing bullish sentiment. However, the resistance at $18.82 will be key for the altcoin.
The EMA ribbon has been moving under the price candles since the pump and continued to act as a support, something which is a bullish sign.
The altcoin’s volume pumped on 25 October. Since then however, it has reduced significantly over the next 2-3 days. The MACD line had a bullish crossover and it continued to maintain that position since then, another bullish indication.
The RSI indicator suggested that the altcoin was briefly oversold on 25 October, and buyers have maintained a steady hand in the market.
Ethereum seemed to continue its bullish momentum in the short-term as buyers continued their domination for the third day. However, the altcoin needs to break through the key resistance of $189 to continue its movement in green.