The past few months have been quite positive for the crypto industry, even though the market has tanked. The smart money may ignore, but they do not forget, and what has happened this year has been pivotal in accelerating the adoption of cryptos around the globe.
A supportive regulatory environment in the United States, the launch of dozens of exchange-traded funds (ETFs) linked to top altcoins, and Wall Street’s growing appetite for cryptos, reflecting a shift in how the world is viewing cryptos.
ETH made a new all-time high this year, but quickly succumbed after a dramatic October 10 flash crash that ruined the market’s positive attitude.
Could altcoins be ready to make a comeback after today’s sharp uptick?
ETH Breaks Above 200-Day EMA as Positive Momentum Accelerates
Trading volumes have spiked by 13% to nearly $30 billion, currently accounting for almost 8% of the asset’s circulating market cap.
The daily chart shows that today’s price action has broken out of ETH’s descending price channel and has pushed the token above the 200-day exponential moving average (EMA).
This favors a bullish long-term outlook for the token, although it is still too early to tell if this green candle will finish the day above that key line.