MAs provide support for Ethereum, as buyers push higher


ETHEREUM has been trading sideways from late 2018 until recently in a range, between $ 90 and $ 300 approximately. The sentiment surrounding cryptocurrencies has been mixed after the collapse of late February due to the coronavirus outbreak, a sign that the cryptocurrency market is not immune from the global crisis.

But the reversal was also impressive, so uncertainty remained high and the price continued to bounce up and down. but the range was broken in the last week of July when the cryptocurrency market started to turn bullish, aside from some digital currencies.

The moving averages turned into support for Ethereum on the daily chart, with the 20 SMA (gray) and 50 SMA (yellow) initially taking that job. We saw a decent decline in September as the USD stopped falling. But the 100 SMA (green) took over and held the decline. Ethereum has bounced off that moving average and now it looks like the 20 SMA has turned into support again. Hence, cryptocurrencies remain bullish and we will try to buy pullbacks lower, probably at moving averages.

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