The 20 Daily SMA Holds As Support for Ethereum, Indicating Buyer Strength

Ethereum retreated in the last two days, but the 20 SMA turned into support again

Skerdian Meta•Tuesday, March 16, 2021•1 min read

The pullback seems over now on the daily chart

Cryptocurrencies resumed the bullish trend in the first half of this month, after going through a strong pullback in late February. BITCOIN pushed to new highs above $ 60,000, while Ethereum increased to $ 1,940s, but couldn’t make new highs this time.

During the bullish move of the last few months, the 20 SMA (gray) has been doing a good job as support on the daily chart. In the last week of February during the deep pullback, the 50 SMA (yellow) took over in providing support.

Although, after the bullish trend resumed, the 20 SMA turned into support again on the daily chart. In the last two days we have seen another pullback in cryptos, but it seems much weaker than the previous one and the 20 SMA is acting as support again for ETHEREUM , which indicates further bullish momentum. So, we are still holding on to our buy forex signal here.

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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.