Ethereum (ETH) shoots up over 5% in the past day, crossing key resistance level at $230 USD and golden cross on the verge of forming on the 4 hour charts. Is a possible retest of $250 USD possible?
The cryptocurrency market is regaining momentum after experiencing a slow end of the month as top coins lost all value gained during the month in the final week. Ethereum (ETH), one of the best performing coins through February, lost over 28% from yearly highs at $286 USD, to $210 USD at the end of the month. Currently, the price of ETH stands at $233 USD across major exchanges, as bulls target a reversal towards major resistance at $250.
ETH/USD soars to $230 USD; golden cross on the verge
The price of ETH is on the verge of breaking higher key resistance level on the 4-hour charts if the price candle closes above $235 USD. The relative strength index further strengthens a bullish stance on the coin as it breached past the falling channel resistance, projecting a continued buying spree of ETH to overbought levels.
Furthermore, the moving average is set for a bullish crossover as the 50-day MA crosses over the 200-day MA, with a completion of the golden cross presenting a buying signal to bulls. Accordingly, bulls will need to extend the buying pressure and trading volumes in the coming days to sustain the price above the key resistance at $235 USD.
A close past $235 USD looks set to confirm the start of a bullish run that may see bulls retest the $250 USD psychological level.
Taking profits or HODLing fever?
“After the five percent spike, a whale took a chance at the market withdrawing over $11 million to an unknown wallet.”
Just before the pump past $230 USD, an Ether whale moved over $11 million (52,000 ETH) from Gemini Exchange to their unknown wallets. This has led to traders and investors in ETH market to speculate on why the large stash of ETH was moving out of the exchange.
— Whale Alert (@whale_alert) March 2, 2020
The whale may have missed on the growing prices of ETH, as the coin targets higher prices in the coming days. Is it a case of missing the train on ETH’s market, or is it a HODLing move by the whale?