Ethereum price has jumped significantly today and broke crucial resistance levels at US$130 and US$140. Currently, the ETH price against the US Dollar is hovering around US$150, up by over 16% in the last 24-hours.
The 1-day technical analysis is suggesting investors buy. While moving averages are indicating a bullish trend in the short term, the Oscillators are neutral. A crucial bullish trend line can be seen on the ETH/USD hourly chart with strong support at US$138. Analysts believe bullish momentum can be seen above US$150 and US$155.
Ethereum Price Rise in the Last 7 Days
Ethereum price against the US Dollar (ETH/USD) has risen by around 71% in the last 7 days. In a matter of 1-week, ETH price has jumped from US$82 to US$150. Cryptocurrency analysts believe if ETH holds on to its current momentum, it can overtake Ripple (XRP) in the coming 48-hours, again becoming the second largest cryptocurrency. If this indeed happens, it’ll be a huge boost for Ethereum in the upcoming New Year.
Joseph Lubin, the co-founder of Ethereum, has reportedly said that the token’s future looks bright. Many crypto enthusiasts believe Lubin’s comment is directed towards TRON CEO Justin Sun’s comments. When the price of Ethereum was diving low a week back, Sun asked crypto enthusiasts to leave the drowning ship. He said at that time that “Ethereum and ConsenSys are slowly imploding. The 60% layoff and 90% price drop are just the beginning. That’s what happens when you can’t keep up with DApps and no funding! Developers leaving and project shutdown will be next. Don’t go down with the ship.”
A Double-Digit Bounce Back of Ethereum Price
As Ethereum bounced back its co-founder Joseph Lubin asked investors to take an in-depth analysis of the cryptocurrency especially when the token is entering 2019 with double-digit bounce back.
He made it clear that the technology behind Ethereum is strong and that’s why it has the capability of bouncing back. Joseph also reminded his critics that there could be a bad year but that doesn’t mean that Ethereum price can’t surge back.
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