Ethereum (ETH) and Stellar (XLM) Price Outlook, Chart and Analysis:
- Cryptocurrency rally continues across the board.
- Ethereum rallying hard but CCI warns of overbought condition.
IG Client Sentiment Datashow how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Ethereum (ETH) trade data shows 88.1% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment suggest that Ethereum may soon move higher.
Cryptocurrency Market Valuation Hits Nine-Month High
The cryptocurrency market rally continues unchecked with a couple of market favorites leading the way with double-digit gains, while other coins show 4%-8% gains over the last 24 hours. A renewed wave of optimism in the cryptocurrency space with retail returning and trading volumes increasing sharply. The latest market capitalization of $253.5 billion is the highest since August 7, 2018, while turnover levels are also at nine-month highs.
Top 10 Cryptocurrencies by Market Valuation – CoinMarketCap
The second-largest cryptocurrency by market capitalization, Ethereum (ETH), has enjoyed a strong performance and touched a seven-month peak around $273 earlier in the session before drifting back to $260. There is a gap on the charts going back to mid-August 2018 between $330 and $343 which is likely the next target for bulls to fill if the market is to continue to press higher. Ethereum trades above all three moving averages, a bullish set-up, although the CCI indicator is currently flashing an overbought signal which needs to be monitored closely.
Ethereum (ETH) Daily Price Chart (June 2018 – May 16, 2019)
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