Ethereum Turns Bullish
* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
Ethereum has received some positive movements. It's now above the 20-day EMA for the first time since MARCH. 5. Additionally, it broke out the trendline 1 as shown on the chart. If Ethereum can sustain above this trendline for more time, a rally to other moving averages is possible. We expect the next resistance zone will be the area between the 50-day SMA and the 200-day SMA ( now it's between $590- $625).
Any successful break out of these averages will mean that the Bulls resume a strong uptrend. On the contrary, if Ethereum breaks down the trendline 1 it will find support from both the 20-day EMA and the trendline 2. In general we are bullish on Ethereum.