Ethereum (ETH) printed a widely followed bullish signal on its daily chart that calls for more upside ahead. This technical pattern can signal a shift in market sentiment from bearish to bullish, and we're likely to experience higher prices.
ETH Golden Cross
The golden cross is a moving average crossover strategy triggered when the 50-day simple moving average crosses above either the 200-day or 100-day simple moving average. This is the second time that Ethereum has printed the golden cross signal this year.
The first golden cross signal occurred in mid-April, but it failed to lead to higher prices. However, the first failed attempt can be a positive sign now, because we’re less probable to get the same buy signal twice and fail in both instances. However, given the overall market bearish circumstances, there is still a relatively high chance of failure.
Some research suggests that the golden cross has about a 64% success rate.
Short-Term Oversold Readings
In the short term, we can see that ETH's price is oversold, at least according to the stochastic indicator. Additionally, the sell-off from the $2,000 big round number appears to have found support at the 50% Fibonacci retracement level measured against the rally from the mid-June low.
The 50% Fibonacci level is currently at the $1,455 level, and below that, we have the $1,280 intermediate support level that intersects a rising trendline.
Looking forward: As long as the support levels hold, the bulls have another chance to try to reclaim the $2,000 psychological level.
ETH Golden Cross
The golden cross is a moving average crossover strategy triggered when the 50-day simple moving average crosses above either the 200-day or 100-day simple moving average. This is the second time that Ethereum has printed the golden cross signal this year.
The first golden cross signal occurred in mid-April, but it failed to lead to higher prices. However, the first failed attempt can be a positive sign now, because we’re less probable to get the same buy signal twice and fail in both instances. However, given the overall market bearish circumstances, there is still a relatively high chance of failure.
Some research suggests that the golden cross has about a 64% success rate.
Short-Term Oversold Readings
In the short term, we can see that ETH's price is oversold, at least according to the stochastic indicator. Additionally, the sell-off from the $2,000 big round number appears to have found support at the 50% Fibonacci retracement level measured against the rally from the mid-June low.
The 50% Fibonacci level is currently at the $1,455 level, and below that, we have the $1,280 intermediate support level that intersects a rising trendline.
Looking forward: As long as the support levels hold, the bulls have another chance to try to reclaim the $2,000 psychological level.
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The best cryptocurrency automated trading platform.
-Cryptohopper-
cryptohopper.com/
-Cryptohopper-
cryptohopper.com/
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.