Ethereum: New year to bring back its coveted tag
- ETH close to becoming second largest crypto again.
- Bulls need to continue being on top of their game.
Ethereum, the crypto that lost its tag of second largest crypto tag in September to XRP, is now about to claim its tag back as ETH bulls fight their way back up while XRP continues to underperform (read more about XRP here) in this war game.
ETH/USD is down about 0.7% percent on the day at $136.65 and trading exactly in the middle of day's range of $132-139. ETH bulls need to up their game if they need to reclaim the second largest crypto tag back from XRP, but as reported by this author on Saturday (read here), the coin has not been able to capitalise on its recent breakout and needs to gain strength sooner or else it may lose sheen.
The gap between ETH and XRP's market cap is 4.8% right now and a slight outperformance by ETH or underperformance by XRP will turn the tables. From the technical point of view, ETH is sitting just above its 50 days EMA that provides good enough support to the bulls while, they also need to cross past these critical levels of $150 (recent high), $160 (earlier high) and $171 (100 days SMA).
ETH/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
