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Yaron Mazor
Ethereum

Technical factors indicating support

Ether is treading ‘water’ the past days, however, a new indication for momentum move is out there.

Looking at the H4 chart, Ether’s price is consolidating, showing a triangle pattern.

ETH/USD 4H Chart

The more intriguing picture is the ‘golden cross’ formation that is imminent. This is a bullish sign, as the fast moving average is crossing the slow moving average from the bottom to the upside.

ETH/USD 4H Chart

Price action should arrive soon…

  • Support levels:

Week: 214.0          Strong: 200.0                   Key: 167.0

  • Resistance levels:

Week: 255.0                     Strong: 320.0                   Key: 400.0

  • Average prices:

Month: 228.0                    Quarter: 237.0                  Year: 512.0

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What is a ‘Golden Cross’?

A golden cross is a technical pattern that is formed when an asset’s fast (short-term) moving average crosses its slow (long-term) moving average. A bullish pattern occurs when an asset’s fast average is crossing above its slow average, it is usually followed by a support confirmation when a price bottom has built up.

*Any views and opinions presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading.

This article was written by Yaron Mazor, a senior analyst at DX.Exchange 

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