Current Ethereum Price Movements And Support Lines
There is a lot to be bullish about Ethereum. The project has solidified itself as the number one dapp development blockchain. It has had some recent moves up in price putting it back at levels not seen since the 2017 bull run.
There's a large update ETH 2.0 coming that will move Ethereum to a proof of stake consensus. Growing defi options all on ETH. Lots of good things... except those high fees!
The charts are showing us that we're currently sitting above an important support line. A support that we touched today, of $380 USD. This is a very important line as there doesn't seem to be a lot of support below this line until we hit $300.
ETH is currently trading in the lower band of the bollinger bands and the moving averages (10 and 50) are heading for a collision that at this rate should happen in 7 days or so.
Watch for the cross next week but hope for a breakout and push up before then!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.