ETHEREUM bounced exactly on the 1DMA50. We have seen this before

ETHUSD followed the general bearish market sentiment yesterday and as all cryptos, registered a strong (almost -25%) correction. The unique feat for ETH is that its correction stopped exactly on its 1D MA50 (blue trend-line).

My long term outlook on Ethereum is the following and I've last updated it on July 28, shortly after the break above its 1D MA50 gave a strong buy confirmation:


Right now, the price is holding above the Support Zone, forming a Rising Wedge (almost Triangle) pattern. According to my July chart above, we've seen this pattern every time ETH broke above the 1D MA50 and rallied since the March 2020 COVID global meltdown. As you see on the snapshots below, on all occasions, the price held the 1D MA50 and rebounded:




Is this a strong signal calling for a continuation of the long-term bullish trend? Most likely yes based on the technical data above. However a candle closing below the 1D MA50 could deliver further selling towards the 1D MA200 (orange trend-line) and take the market to a medium-term consolidation phase between the two before resuming the uptrend.



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