Ethereum to Break Out of the Tightening Range Soon?
Ethereum took over the lead from Bitcoin, from April until the middle of May, as it continued to surge higher, with a number of other cryptocurrencies, while most of the market was stagnating or retreating lower. But, the crash in the market came, and it pulled Ethereum down with it.
Ethereum pierced the 100 SMA (green) on the daily chart a few times, as we explained in our 2021 Ethereum Forecast, but there was no close below it, so there was no official break. The 100 SMA remains as support for ETH/USD, as it keeps pushing the lows higher.
At the top, the 50 SMA (yellow) was acting as resistance, reversing the price down a few times until recently. The 20 SMA (gray) has started to provide resistance in the last two weeks, tightening the range further, so a breakout is expected in Ethereum soon. I hope that it is to the upside, since we are long on Ethereum, and chances are that this will be the case. But, you never know.
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