Ethereum Remains Stuck in A Tight Range Between MAs
Ethereum turned massively bullish in February, following an uptrend in the previous months, as cryptocurrencies kept pushing higher. The newly acquired status of safe havens has made them quite attractive at a time of high uncertainty and excessive cash programmes from central banks and governments all over the world.
Ethereum surged to $ 2,040 last month, but in the last week we saw a brutal retreat in the crypto market. Ethereum retreated lower as well and the 20 SMA (gray) turned into resistance on the H4 chart, as the price fell to $ 1,300.
But, the decline stopped and ETHEREUM turned bullish again this week. Although, gains have been slow which shows reluctance to jump in right now. Besides that, the 200 SMA (purple) is providing resistance at the top which is not a good sign either for buyers.
But the 20 SMA is acting as support now, so the sentiment for cryptos is a bit mixed now. We are still long on Ethereum, expecting the bullish momentum to resume again at some point, as we explain in our Ethereum prediction for 2021.
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