Ethereum 2.0 Announcement Fuels Rally

Following the strong rally in Ethereum yesterday, price action on the cryptocurrency today was a lot more subdued. The rally was mostly driven by news that the second-largest cryptocurrency in the world (by market capitalization) is getting a major upgrade. Ethereum 2.0 is said to enable the blockchain to process significantly more transactions at a faster pace. Consequently, it sparked a bullish momentum on ETHUSD.

ETHUSD Price Analysis, Daily

The daily chart now reveals that a major trend line has been broken (formed when connecting the highs of September 20, November 12, and January 11). Ethereum even looks like it’s finding support at the 100 SMA.