A while ago we opened a buy forex signal in Ethereum. We started providing signals and analysis on cryptocurrencies last month, and we had a positive outcome from those signals.

So, we’re continuing with cryptocurrency signals and here are the reasons why we decided to buy Ethereum today.

1. To start with, the USD has been advancing since the Tokyo open last night. Cryptos should retreat against the Buck when the Buck rallies, but they’re climbing higher, too. When the SUD retraces lower, I think that cryptos will climb even higher.
2. Bitcoin, which sets the tone for the cryptocurrency market has been trading in an uptrend since the tumble in mid-September, and it's continuing to climb this morning as well.
3. Ethereum has been in an uptrend as well since then, albeit a slower one
4. The price of Ethereum is above the confluence of moving averages on the H4 chart as you can see below. These moving averages are providing support now, with the 50 SMA (yellow) on the first line of defense.

Moving averages are now providing support.

So, we gave Ethereum a shot on the long side based on this technical analysis, as our technical analysis section suggests.

Right now, the cryptocurrency market seems to have stalled, but the U.S. traders are entering the market soon, so let’s hope they give Ethereum the next push higher.