Ethereum has been on an upward trend since Bitcoin halving.
The second largest cryptocurrency by market cap, Ethereum, has been pushing for greater gains. The pattern of accumulation has been strong throughout the month, indicating that investors were predicting a price increase in the near future, as the ecosystem approaches the launch of Ethereum 2.0.
Ethereum has consistently followed an upward trend since May 10, just before Bitcoin halving. Despite the numerous setbacks, the bullish moment has been strong and the currency may soon see another rally. The positive moment was also represented by the positioning of the daily moving averages.
Ethereum 1-Day Chart [ETH]:
The 50 DMA [rosa] went through a gold cross with the 200 DMA [roxo] in the second week of May. The indicator has since increased, which is an indication of a potential increase. In addition, both moving averages were well below the ETH price candles. A trend that has continued since April last week.
In addition, the presence of bulls in the currency’s destination was the MACD indicator. The signal line below the MACD line was indicative of a potential upward trend.
As bulls dominate bears, another rally may catapult the currency to rise to its immediate resistance at $ 262.2. If that trend continues, ETH could also hit another target at $ 286.2. The currency found significant support for the two moving averages of $ 206 and $ 169.9.
Like the rest of the crypted assets, the largest altcoin, Ethetreum has also closely followed Bitcoin’s price movements. According to data from Coin Metrics, the correlation coefficient of BTC-ETH was 0.88 at the time of writing this document. If this persists and Bitcoin manages to make another rally, ETH could also rise to higher levels.
A possible hike is supported by moving averages, as well as the MACD indicator, as ETH observed US $ 262.2 and US $ 286.2 as target points.