Ethereum Bullish Again, As MAs Turn Into Support

We're keeping our buy trade in Ethereum, since it has turned bullish again

Skerdian Meta•Monday, March 8, 2021•1 min read

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 of February 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 was trying to turn bullish again last week. Although, gains were slow which showed reluctance from buyers last week. But moving averages turned into support as the price climbed higher, with the 100 SMA doing so yesterday, which shows that buyer are back in charge and the bullish trend is back on. We are already long on Ethereum with a buy signal which we opened about two weeks ago. That trade is in profit now, but we are holding on to it, since the bullish momentum is on again now.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.