Ethereum seems to be setting itself up for a rally to the upside after printing an exponential moving average golden cross on the daily chart.
The bullish posture of the world’s second largest cryptocurrency comes after the highly-anticipated Bitcoin halving event, which came into fruition yesterday evening.
Another positive aspect of Ethereum’s recent price action was the bounce from the $177 level of support, which paved the way to a seven percent rally to $190.
Over the next few days Ethereum will likely begin to trend back towards the psychological $200 level of resistance at which stage the impact of the golden cross may come into effect.
The previous golden cross came during the surge in price at the start of the year and preceded a 29.44% move to the upside before it made a local high of $291.
From a bearish standpoint Ethereum could be scrutinised for failing to break out above $219 during last week’s rally, although the sell-off has been attributed to investors liquidating Bitcoin positions ahead of the halving.
If ETH begins to trade below $177 it would be a cause for concern, a break below would see it fall to as low as $151 before it gets a chance to consolidate.
For more news, guides and cryptocurrency analysis, click here.
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
More Ethereum news and information
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: This is not financial advice.