Ethereum (ETH) is on a steep uptrend. The altcoin season has been favorable for the queen of the market. Ethereum established its all-time high at $3,541 hours ago from the time of press. At the time of writing, ETH coin stands at a price level of $3,409 with the price climbing up 5% in the daily timeframe. The daily trading volume for the cryptocurrency, however, has declined. Second only to Bitcoin, the market capitalization of Ethereum has been climbing steadily – now standing at $395 billion.
Ethereum (ETH) technical analysis
The market sentiment for Ethereum is strongly bullish. Out of the 26 total technical indicators, fifteen are standing at a buy position with six at neutral position and only five giving out a sell signal. The oscillators are mainly bearish – indicating a sell signal – while the moving averages are bullish.
A trader has identified Ethereum to have formed multiple wave counts in their ETH price analysis. Per the trader, the cryptocurrency is currently developing two distinct wave counts. The third wave of the more volatile wave count is under development. At the third wave, Ethereum is expected to retest its resistance level at the 1.618 Fibonacci Retracement which lies parallel to the price level $3,688. A minor pullback is likely to occur after failure in retesting the resistance level but Ethereum will reach forward afterwards.
Why is Ethereum bullish?
ETH coin was able to cross the psychological resistance level of $3,000 all because of a strong bullish sentiment in the market. The confidence in the cryptocurrency and its technology is growing as the anticipated upgrade, ETH2.0, looms closer. ETH 2.0 is said to be game changer as it will shift the cryptocurrency from a proof of work mechanism to a proof of stake one. The update will drastically improve the scalability of Ethereum and is the primary reason why the confidence in the cryptocurrency is growing at such a pace.