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Ethereum, Stellar Price: Double-Digit Gains Fuel Crypto-Market Surge

Ethereum, Stellar Price: Double-Digit Gains Fuel Crypto-Market Surge

2019-05-16 10:30:00
Nick Cawley, Strategist
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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

Ethereum, Stellar Price: Double-Digit Gains Fuel Crypto-Market Surge

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

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)

Ethereum, Stellar Price: Double-Digit Gains Fuel Crypto-Market Surge

Bitcoin, Ripple, Litecoin Prices – Latest Rally May Have Further to Run

Bitcoin Price Rally Continues as XRP Boasts Largest Gain in 8 Months

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the cryptocurrency market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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