Since the beginning of 2020, the cryptocurrency market has been in an uptrend; top altcoins have steadily increased against the US dollar during the first two weeks of January. However, the bullish momentum has slowed as most of these altcoins and Bitcoin enter the consolidation zone in preparation for the bull rally after the May reward decline.
In 2019, Ethereum (ETH) experienced ups and downs during 2019, but from the beginning of this year, ETH was able to rise from $127 to a maximum of $176 on January 18. Two days ago, the second-largest cryptocurrency showed a short-term reversal up to $160, then rebounded to current price levels.
Even though the cryptocurrency market is entering the consolidation phase, ETH bulls do not lose hope of possible growth in the coming weeks, as long-term technical indicators become bullish.
The weekly MACD has become bullish for the first time since December 2018. However, the bulls will have to push the price to the upper border of the 20-day Bollinger Bands at $172 shortly to avoid decline.
The weekly ETH/USD chart offers a fairer view of the pair's growth. Ethereum is on the rise for the third week in a row after reaching a weekly December low of $123. The sudden jump in ETH prices turned the weekly bullish MACD upside down for the first time since December 2018, when the bulls entered a short period of consolidation.
As weekly trading volumes also rise, the bullish momentum seems to continue in the long run.