Ethereum is the top performing major cryptocurrency over the past 24 hours with an over 17% increase over the past 24 hours.
This comes amid the first bullish week for the cryptocurrency market since mid-November.
Ethereum could be setting up to continue its outperformance with strong buyer momentum being shown by the RSI and MACD.
The daily RSI and MACD, both measures of momentum, have been increasing indicating the building buyer momentum.
There could be a number of possibilities for the outperformance being seen in Ethereum.
Many analysts are attributing the outperformance to a huge amount of short positions built up as Ethereum traded near 2018 lows.
The surge of this week would have caused many of these short positions to exit by buying long positions and therefore driving the price up.
There was also a bullish tweet from Joseph Lubin this week, founder of ConsenSys which is a consultancy firm focused on projects on the Ethereum blockchain.
I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.
— Joseph Lubin (@ethereumJoseph) December 21, 2018
The tweet from Lubin predicted that the bottom is in for the cryptocurrency market.
The hourly chart shows an uptrend forming for Ethereum after this weeks rise.
A reversal from here would likely meet some support at the upward trend line being formed.
- Ethereum records the strongest performance out of the top 20 cryptocurrencies over the past 24 hours.
- Buyer momentum is increasing with both the daily RSI and MACD increasing.
- An upward trend line is forming on the hourly.
- Potential reasons for the outperformance of Ethereum include shorts being closed out with longs and a bullish tweet from Joseph Lubin during the week.
Ethereum [ETH] Top Performer in the Top 20 with 17% Surge was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.