Ethereum Can See These Levels After Golden Cross
VISA speculations in the form of using the Ethereum network to launch the digital fiat currency may further increase the price of ETH in the cryptocurrency market. As the weekend approached once again, the overall crypto trading volume fell once again. This is actually a model that many crypto traders consider real when analyzing their favorite charts for the weekend trade. In the case of Ethereum (ETH), the trading volume has decreased slightly, but there is a sense of optimism, as will be explained in detail below.
Golden Cross on Daily ETH / USDT
Looking at Tradingview.com’s 1-Day ETH / USDT chart, we understand that Golden Cross has formed. This happens when the 50-day (white) Moving Average exceeds the 200-day (green) Moving Average downwards. The screenshot below gives a better visual indication of the situation on the ETH / USDT chart.
Gold Cross On Daily Chart Can Move Ethereum (ETH) Above $ 228
By analyzing the chart further, we observe the following: The 100-day moving average (yellow) provides around $ 192 sufficient support for ETH. This value is near the $ 0.236 Fibonacci retracement level of $ 195 and also provides some support levels.
As stated in a previous analysis, the 200-day moving average (green) is a crucial level to monitor Ethereum before ETH2.0. The 200-day moving average supports around $ 174.
Other potential support areas are $ 158 and $ 141. The trading volume is green and the MACD has the potential to move horizontally. Resistances are $ 206, $ 211, $ 215, $ 219 and $ 228.
Resistance Level for $ 228 Ethereum
The last-mentioned $ 228 resistance zone corresponds to an area where it was difficult for Ethereum before ETH2.0 launch in July. The Golden Cross on the daily chart could provide the bullish momentum required for Ethereum to break this level before launch in the third quarter of 2020. In addition, speculation that VISA can use Ethereum as the preferred blockchain network for digital fiat currency may provide additional bull momentum for ETH in the coming days and / or weeks. As with all technical analysis, investors and traders are advised to apply risk management techniques such as stop loss.