Just around the right place

Fibo Quantum

  • ETH finds support line in the near term.
  • Bounces expected, as golden cross on the horizon.

Ethereum, the second largest cryptocurreny by market capitalisation, has been able to sustain recent dip as it finds good enough support in the near term in the form of an ascending trendline that has held on to the onslaught of bears in the recent weeks.

ETH/USD is up seven cents of a percent at $165.547, just below high point of the day. As seen on the 240-minute chart of ETH, this second largest coin has found good support in the form of ascending trendline drawn from March lows and bears have not been able to break this line convincingly.

Another positive sign for the bulls, as seen in BTC too, is crossover of 21 days SMA over 200 days SMA, a bullish sign and first step in golden cross that may occur.

ETH/USD 240-minute chart:

ETH/USD daily chart:

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel