We made some experiments with the time frame and we noticed one interesting thing.
We applied simple indicator such as Moving Average.
We used a 3-day interval meaning one bar is the equivalent of 3 days.
We used one quick (7 periods) MA and one slower (30 periods) MA.
Take a look at the chart.
Every time 7-period MA crosses up 30 – period MA we have a bull run.
Of course we have indecisive times but at the end finally, the price goes steadily up.
It works the other way round.
Every time 7-period MA crosses down 30 – period MA we have a run.
Now take a look at the last 3 months.
The price was going steady up and finally, on 15th of February quicker MA broke up slower MA.
We had retest on 23rd March. The price managed to bounce up and finally, 7-period MA went up from 30 – period MA.
This is clearly bullish.
We think we may expect more.
It will take some time but such reading of indicators makes us positive about the price of ETH.
Moreover, the price broke the major resistance in 2019 which was at $160 level.
The new 3D bar starts above $160 which is another positive sign.
Moreover, we can observe since over 3 months significantly bigger volume on ETH.
How do reckon this?
Drop us a comment down below.
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