At the end of last week’s trading among cryptocurrencies, Ethereum’s (ETH) upward trending market value caught investor’s attention. While many of the daily headlines in this industry concern Bitcoin (BTC), the entire market remains extremely active.

According to sources close to ArmyOfBitcoin.com, this crypto is testing the waters for breaking the $228 resistance level. In early trading this week, slight gains have ETH at $214. This bullish turn of events remains in place despite a small decline in trade volume.

How Is Ethereum Market Value Continue To Trend Higher?

The sense of optimism is tied to a trading phenomenon known as a Golden Cross. This occurs when the 50-day Moving Average crosses the 200-day Moving Average from the downside.

The bottom of the chart tracks the days going back to last December. The right-hand column tracks the market value trading price. Using the analysis of the entire ETH chart, the following observations were revealed:

1. The 100-day Moving Average provides support for ETH at $192.
2. This value is close to the 0.236 Fibonacci retracement level of $195 to add the support.
3. The 200-day Moving Average becomes a very critical factor to watch.
4. Using the 200-day Moving Average, the level for support drops to $174.
5. Other potential zones for lower valued support are $158 and $141.
6. The upper-end resistance for ETH range from $206 on the low end to $228 on the high end.

The high end of $228 could prove difficult to hold ahead of the launch of ETH2.0 ( not to be confused with Ethereum Classic ) this July. Yet, the Golden Cross might suggest enough bullish momentum to break this level.

One potential driving factor could be VISA. There has been some speculation that VISA might use Ethereum as its choice blockchain network. This would be in conjunction with a digital fiat currency.

This is another situation that needs to be watched. It could attract even more bulls over the course of the next few days or weeks.

As with any analytical financial data, market unknowns still exist.

Investors and traders alike also need to utilize risk management business practices as part of the analysis process.

The writer of this piece for Ethereum World News is John P. Njui. He is described as a crypto enthusiast with a background in electrical engineering. Earlier this month, he also took a closer look at XRP as a much smaller crypto in total market value.

Ripple XRP

The lone bright spot with is minimal player was its ability to hold resistance in the $0.12 to $0.15 range during the crypto market crash in March. These values go back to July of 2017. XRP then staged a rally to $3.84 in January of 2018. This was its all-time high.

Strong Bull Run

Current market factors suggest that any strong run by the bulls could drive XRP as high as $0.77 in the coming months.

Summary

Article Name

Ethereum (ETH) Market Value Continues To Trend Higher

Description

The Ethereum ($ETH) Market Value Continues To Trend To High End As Optimism Tied To Hitting s Golden Cross. This Occurs when a 50-day Moving Average crosses the 200-day Moving Average from the downside.

Author

Vladimir

Publisher Name

ArmyOfBitcoin.com

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