Ethereum Closes Longest Weekly Run in The Green For 3 Years
All eyes have been on bitcoin over the weekend as it topped the five figure price level. Ethereum has made even better gains though, posting its longest weekly run in the green since early 2017.
Ethereum Bulls Keep Running
Over the weekend Ethereum hit a high of $230 according to Tradingview.com, this is its highest price since early August, six months ago. Since the beginning of this year, less than six weeks ago, Ethereum has made an impressive 77%, outperforming its big brother by almost double.
The world’s second most popular digital asset appears to have found resistance at this level and is holding ground over $200 for now. It is likely to pullback though if bitcoin does and could find strong support around the $190 level if the correction is a severe one.
The weekly close was another healthy green candle but it has marked the longest weekly run in the green for almost three years. ETH has had seven weekly green candles in a row, three were dojis, but still green.
According to one Ethereum community member this is the longest sustained run for the asset since January to March 2017 when it had 8 weeks in a row.
We just closed 7 straight weeks of green on ETHUSD. 🚀
This has only happened one other time: 8 weeks from Jan-Mar 2017.
— DCinvestor.eth | aftab.eth (@iamDCinvestor) February 10, 2020
Even during the massive bull run of late 2017 when ETH prices surged from $300 to $1,400 it only managed a maximum of five weekly green candles in a row.
Those were much steeper however with one candle in the first week of 2018 representing a gain larger than all seven of the past weeks combined.
Nevertheless Ethereum appears to be slowly pulling itself out of a two year bear market but only a sustained move above the resistance at $300 will confirm the uptrend. ETH really needs to reclaim $400 to be considered truly bullish.
Crypto Tribalism Continues
The tribalism on crypto twitter between the Ethereum camp and the Tron tribe continues to detract from the premise that the end goal is virtually the same for both projects.
Ethereum is way ahead in terms of becoming the backbone for a decentralized financial landscape as DeFi markets topping $1 billion in total value locked last week can attest to.
MakerDAO has over 60% market dominance and DAI continues to hit new records with the amount locked in, which is currently over 71 million.
Ethereum is the standard for DeFi and it also outpaces Tron for stablecoin usage with around 800 million USDT on the Tron network compared to 2.2 billion on the Ethereum chain.
Both assets are still a long way down from their all-time highs though, so it is up to investors to decide which one they believe is the better blockchain. Time and prices will tell over the coming weeks.
Will Ethereum prices recover this year? Add your comments below.