Ethereum Finds Buyers - We may have a short-term blast higher just waiting to happen.
Enter your emailWe may have a short-term blast higher just waiting to happen.
By forming a hammer, this suggests that Ethereum is going to rally from here, perhaps trying to recapture the uptrend. Furthermore, the 50 Day EMA is reaching above the 200 Day EMA, forming a “golden cross.”Looking at this chart, if we can break above the top of the hammer, one would anticipate that a move to the $3500 level would be possible.
On the downside, if we were to break through the moving averages, that could have this market looking to take out the $3000 level underneath, which has been important multiple times. Giving that up would then open up a move down to the $2500 level which had been so significant in its support, as we had formed the “double bottom” at that level.
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