Ethereum analysis for 03/01/2019

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Ethereum (ETH) defeated Ripple (XRP), and regained its position as the largest altcoin in terms of market capitalization, give data from CoinMarketCap.

During the recent upsurge of the twenty largest cryptocurrencies, Ethereum – who spent many weeks on site number three – suddenly emerged again, exceeding the market capitalization of XRP by over $ 500,000.

This movement seems to be connected with fresh controversies both for XRP and its relationship with the Ripple payment network.

The confusion about whether Ripple can make executive decisions in relation to XRP appeared this week in the mainstream media after the US cryptocurrency exchange – Kraken – publicly asked a senior manager for advice on how to name a cryptocurrency.

Let’s now take a look at the ETH/USD technical picture at the H4 time frame. The market has broken above the dashed black trend line and then broken above the level of 146.04 which will now act as local technical support for the price. Currently, the market is consolidating the gains and the next target for bulls is seen at the level of 155.06. The strong and positive momentum supports the short-term bullish outlook.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ethereum analysis for 03/01/2019

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