Ethereum surges 12% in 24 hours – are the bulls back in town?

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.

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.