Ethereum’s MACD Is Turning Higher

Several bullish patterns have appeared on the Ethereum chart lately.

The first one that grabs our attention today is the bullish cross on MACD. Previous times this happened, like early February and mid-December, were followed by new highs.

Second, notice how ETHUSD pulled back to hold its previous breakout level around $1,420. Old resistance from January 2018 and January 2021 seems to be new support.

Next, the bounce is occurring at the 50-day simple moving average.

Finally, ETH is showing relative strength against Bitcoin. This chart of the ETHBTC cross shows new 2-1/2 year high early last month, followed by a drop of about 38 percent. Now it’s rebounding and regaining position against its larger rival.

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