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