Ethereum Takes The Lead After A Daily Trend Change – Breaks Above $140

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Ethereum And XRP Prepare To Soar As Bitcoin's Dominance Plummets Further
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Ethereum has taken the lead and has outperformed most of the major cryptocurrencies as the bulls managed to confirm a daily uptrend. Ethereum is currently trading at $142.85 after breaking above several daily resistances.

The bulls managed to break above both daily EMAs back on January 3 amid US-Iran tensions. and has then managed to set a bull flag and see continuation today in big fashion as the digital asset surged 8.4% to the upside.

A daily uptrend has been confirmed but the RSI (Relative Strenght Index) is not overextended. The trading volume for Ethereum hasn’t increased too much and the bulls are looking for a bull cross of the 12-period EMA with the 26-period EMA within the next few days.

Ethereum Breakout Against Bitcoin Signals ETH Bull Run?

The ETH/BTC trading pair is now favoring Ethereum as the digital asset has been able to set a daily uptrend against Bitcoin. Ethereum saw a huge crash on December 16 when it fell down to 0.017 from the high of $0.02.

Now, Ethereum has picked up a lot of momentum with a move that started on December 29 where Ethereum managed to surge 3.8% against Bitcoin and has seen good continuation today with a 2% surge breaking above the 26-period EMA.

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Bitcoin’s dominance over the market has been really significant in 2019 but is starting to slow down for the past few weeks. Ethereum lost a lot of market dominance in 2019 from an 11.9% dominance in January 2019 to a current low of 7.5%, however, the recent move against Bitcoin might help Ethereum get back some of that market dominance.

Still Facing a Lot of Resistance in the Long Term

Although Ethereum has been able to set a daily uptrend before anyone else and has shifted the daily momentum in favor of the bulls, it is still facing a lot of resistance in the long term. The weekly chart is still in favor of the bears, however, a temporary bottom seems to have been set at $116.2 as the bulls managed to create 2 bullish reversal candlesticks during the last two weeks.

Ethereum Takes The Lead After A Daily Trend Change - Breaks Above $140
Ethereum Chart Via CoinGecko

The monthly chart is somewhat neutral right now as the bulls can still set a higher low compared to $80.6 and then try to seek continuation although the most likely scenario will be an Equilibrium pattern.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.