Ethereum Has a Golden Cross

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Ethereum’s recent bullish trend has overtaken the bear trend in a golden cross which is usually seen as a highly bullish indicator.

The 50 day moving average has overtaken the 200 day moving average on Coinbase and other major exchanges for the first time since March 2017 if we discount a brief bleep in May last year after the death cross.

The death cross is when the 200 days moving average overtakes 50 days, usually indicating a very bearish outlook.

Thus last May can perhaps be discounted because here there has only been a golden cross after more than a year since the bear market begun.

Ethereum golden cross, May 2019
Ethereum golden cross, May 2019

The long term bear trend has now given way to bulls as sentiment changes in ethereum and in cryptos generally.

That’s a month after bitcoin had its golden cross back in April at the price of circa $5,300.

Bitcoin jumped a bit on that golden cross, then dipped, then went off to rise to now circa $8,000.

While eth for now seems a bit stuck at $250 as it faces resistance at $300 at the same time as bitcoin is trying to overtake $8,700.

If they can do so, then there wouldn’t be much resistance thereafter with a clear road to, well, moon.

Meaning we might have some sideways here as bulls gather forces and call Spartan re-enforcement, or Goku’s friend, but you never know with crypto.

Some rest here however would probably be quite bullish if it can maintain these levels. Something which time alone will tell.

Copyrights Trustnodes.com

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