Ethereum Finds Support at the 50 Daily SMA, As Cryptocurrencies Retreat
Cryptocurrencies resumed the bullish trend again after going through a major pullback during the last week of February. Ethereum lost about a third of its value during that retreat, but found support at the 50 SMA (yellow) on the daily chart.
That moving average was pierced for a while, but there was no close below it for any of the daily candlesticks, as shown above. The price bounced off that moving average in March, as Bitcoin and other cryptos resumed the bullish trend.
We were short on ETHEREUM already at $ 1,720s as it was retreating lower in late February. At some points earlier this month we were around $200 in profit, which means 2,000 pips. But, the price has retreated back down for cryptos.
Although, Ethereum sellers are running into the 50 daily SMA again, which is acting as support. We are seeing a small bounce off that moving average today, with Ethereum being $50 higher. The stochastic indicator is oversold on the daily chart, which shows that the pullback is complete.
Now let’s hope that the bounce continues and ethereum resumes the bullish trend again, although the rest of the market will have to turn bullish too. BITCOIN has already bounced around $2,000 higher today, so buyers seem to be taking charge now.
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