In amongst a sea of red in the crypto exchanges, the green of Ethereum (ETH) stands out.
In early European trading, Ethereum rose 0.90%, a gain of $1.36, valuing the digital currency at $137.98. At the time of writing now, Ethereum (ETH)is up 1.54%, a gain of $2.11, valuing ETH at $137.56.
Having suffered with the other crypto currencies, Ethereum climbed 10% on December 28th as investors staged a late rally in the crypto world as a disappointing year for digital currencies drew to a close. Over the last week, ETH fell below the key $130 and $120 support levels, but found support at $112.
Ethereum Staging a Comeback?
Having surrendered its ‘top altcoin’ position to Ripple (XRP) at the beginning of December, Ethereum (ETH) looks as though it is staging a comeback. The popular altcoin had already made big jumps last week and this week has seen the digital currency emerge as the best performing altcoin amongst the larger of the cryptocurrencies
The recent recovery from Ethereum has outpaced the XRP recovery, enabling ETH to close the gap on second place behind Bitcoin (BTC) – the daddy of all cryptocurrencies
Despite this, Ethereum is still in a long term downward trend. The next couple of weeks could be crucial for ETH. Having found support at $112, should that support level be broken, the charts indicate the previous low of $83 could be well be tested again. On the other hand, should Ethereum go above the $167.32 mark, we could well see a rally extending to $250. Traders could possibly wait for a close above $167.32 before establishing long positions with a close stop loss.
