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Ethereum [ETH/USD] Price Analysis: Price outburst results in trend reversal as bulls take charge




Ethereum [ETH/USD] Price Analysis: Price outburst results in trend reversal as bulls take charge
Source: Unsplash

Ethereum [ETH], the third largest cryptocurrency by market cap, gained its momentum after Litecoin [LTC], now the fourth largest cryptocurrency, started a bull rally earlier yesterday. Since then, the coin has successfully managed to retain the bull in the market as it was pictured painted in green.

According to CoinMarketCap, at press time, Ethereum was trading at $119.30 with a market cap of $12.5 billion. The coin has a trading volume of $3.54 billion and has seen a rise of over 9% in the past 24 hours.


Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

In the one-hour chart, the coin has an uptrend from $116.87 to $118.62 and $103.27 to $117.88. The immediate resistance for the coin is at $118.65, while the support systems for the coin can be seen at $116.58 and $101.29.

Parabolic SAR is showing a bearish wave as the dots have started to align on top of the candlesticks.

Bollinger Bands is forecasting a less volatile market as the bands are seen close to each other, making almost no space for price movements.

Chaikin Money Flow is on the brighter side of the market as the money is seen flowing into the market for the coin.


Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

In the one-day chart, the cryptocurrency is demonstrating a downtrend from $499.01 to $117.86. The uptrend for the coin is outlined from $83.74 to $103.22. The immediate resistance for the coin is at $128.49 and there is strong resistance is at $156.03. The support levels are at $103.15 and $83.02.

Klinger Oscillator is forecasting a bullish reign over the coin as the reading line and the signal line were pictured having a crossover, with the reading line deciding to go north.

RSI continues to show that the buying pressure for the coin is evened out by the selling pressure.

MACD is also on the same page as Klinger as the moving average line has placed itself above the signal line after a crossover.


The sudden outburst of the market has resulted in a trend reversal as majority of the indicators have hopped on to the bull’s side. This includes CMF from the one-hour chart and Klinger Oscillator and MACD from the one-day chart.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market




Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.

In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.

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