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Ethereum ETHUSD Might Extend Gains Above $150

Ethereum ETHUSD

Ethereum rallies today adding over 4% at $149.27 after the second-largest cryptocurrency by market capitalization breached he 50-day moving average at $139. Ethereum started 2020 in the positive foot as the rebound from $122 low continues.

Ethereum cryptocurrency is looking forward to another significant upgrade on the ETH chain after the recently implemented Istanbul – Ethereum 2.0. Traders hope the upgrade will improve the performance of the ethereum blockchain and will add to bullish momentum.

The ETHUSD capitalization stands at 16.26 billion. The trading volume has, reached 9.86 billion in the last 24 hours. The market capitalization of the top 100 cryptocurrencies is currently at 220.25 billion.

Read our Best Trading Ideas for 2020.

Ethereum Technical Analysis

ETHUSD technical outlook is positive now as the number two cryptocurrency trades above the 50-day moving average as the sentiment in cryptocurrencies market improve. Ethereum created a strong base around $140 the last week as the consolidation phase between 140-145 breaks to day to the upside making fresh monthly highs.

On the upside, immediate resistance stands at 150.91 the daily top. More offers might emerge at $155 the high from November 30th. Improvement around the crypto markets might push the ethereum price to the next resistance level at 158.69 the 100-day moving average.

On the downside, first support for ethereum (ETHUSD) will be met at 143.73 the daily low. Next critical support stands at $139.27 the 50-day moving average. The yearly low at 125.62 will be the next support area.