Ethereum Continues the March, After Bouncing Off the 50 SMA

It looks Like Ethereum is the first cryptocurrency to resume the bullish trend after the brutal retreat in the last week of February. While BITCOIN retreated around $15,000 lower, which was 1/4th of its value, Ethereum lost more than $700, which means more than a third, as this crypto fell from $2,040 to $1,300.

But, the decline stopped right at the 50 SMA (yellow) on the daily chart. That moving average was pierced once, as the decline continued to $1,300; but the daily candlestick didn’t close below it, so that doesn’t count as an official break.

This moving average held the decline in several attempts and after the upside-down pin candlestick last Friday, which is a bullish reversing signal, ETHEREUM turned bullish. Ethereum has been increasing in the last three days and is now more than $500 off the lows. We are long on this crypto and are around $70 in profit, so this trade looks good.