Since May, Ethereum has been one of the most bullish major cryptocurrencies out there. It kept going higher in May, when the majority of the crypto market stalled, and it was among the first to turn bullish after the major retreat lower in the previous three months.

Even the retreat lower in the last few days was smaller in Ethereum. This cryptocurrency was finding support at the 20 SMA (gray) and the 50 SMA (yellow) on the H4 chart during the previous several weeks, confirming the strength of the bullish trend since late July, as we highlighted yesterday.

ETHEREUM reversed from above $3,300, falling below $3,000 at some point yesterday, but we saw that as a good opportunity to go long on ETH/USD. The 100 SMA (green) was acting as support on the H4 chart, so we decided to go long from there, and booked profit right at the 50 SMA after the bounce today.

Ethereum bounced off the 20 daily SMA after the doji candlestick

Looking at the daily chart, Ethereum formed a doji candlestick on Wednesday after the retreat lower during the first two days of this week. That is a bullish reversing signal after the retreat, and the 20 SMA (gray) was also providing solid support on the daily chart. So, we used that chart setup to open a buy Ethereum trade, and yesterday evening we saw a bounce higher, which took the price above $3,200.

So, we booked $200 in profit in Ethereum, which is 2,000 pips, and we were also long on other cryptos, such as LITECOIN LTC and RIPPLE XRP coin, which have also turned quite bullish now, after the bounce. Ethereum is quite bullish as well, as we mentioned above, so we are keeping an eye on this crypto for any other retraces lower to the moving averages, where we could go long.

Ethereum Live Chart