Ethereum shows early signs of a bull run that could lead to price discovery way beyond the previous All Time High.
This weekly chart with 200, 100 and 50 point moving averages reveals the the mixed pressures on current prices.
MACD turned green in the past few weeks — price has just emerged above the top Bollinger band indicating strong, perhaps extreme, upwards momentum.
Two obvious resistance levels are shown, one at 43% gain ($307) from today’s price of $213, and then next one at 150% gain above the first (taking us to $794).
We can expect some resistance at the 200 MA (thick white line), then a breakout to that first resistance level.
A break above that first resistance level should see all 3 MA’s align with a potent golden cross; 50 on top, 100 next, and 200 serving as strong support.
Team Sparkster is keen to share our analysis as the new bull run kicks off and our new strategy backtesting tool generates signals.
In future Published Ideas we will share many of the BUY and SELL signal arrows as they appear on our backtester.