Ethereum just crossed the 200 day moving average for the first time since June amidst high trading activity. This indicates the potential for some major price moves.
ETH/BTC pushing over the 200 day moving average for the first time in months. Also a 50/200 cross seems imminent. Major shift potential. pic.twitter.com/YzbowSw9ju
— Ledger Status (@ledgerstatus) February 17, 2019
The Ethereum network is preparing for a major upgrade with the Ethereum Constantinople hard fork at the end of the month. This comes against a more positive tone from the SEC and clear moves to embrace blockchain from investment banks. Institutional investment would be a game-changer for the markets, and JP Morgan’s Quorum blockchain is based on an enterprise-focused version of Ethereum.
The rally started early on the 17th February, kicking off with high volumes as this chart shows:
The highest trading volumes were recorded in Chinese exchanges – OEX, ZBG, Coineal, with the ETH/BTC pair showing the highest volume. This backs up the narrative that selling BTC to buy ETH is a major part of the price breakout.
However, it’s not just Ethereum benefiting. All the major cryptocurrencies rose in price over the weekend and overall market capitalisation rising from $121 billion to $126 billion in 24 hours.
