In contrast to Bitcoin (BTC) and other top cryptocurrencies, Ethereum’s (ETH) recent recovery has been impressive. The largest altcoin has bounced 22% from a bottom of $152, reaching $185.89 before pulling back and creating a nice daily uptrend.
Ethereum is currently trading at $177, which is well within ETH’s price range over the past few months. The bulls have been able to set higher lows almost every day after the bottom at $152, and, although they have been rejected at the EMAs, their momentum is still fairly strong. The RSI has also seen an improvement and is now at 44 points, quite different from Bitcoin.
At this point, one could argue that Ethereum has basically recovered from last week’s crash. The next step for Ethereum bulls is to break above the 12-period EMA.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.