Ethereum Primed for Bullish Reversal with Move Above 100-Day MA

IconCryptoNewsTerminal Staff15 Jul, 2024

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Ethereum Primed for Bullish Reversal with Move Above 100-Day MA

Ethereum Poised for Medium-Term Bullish Reversal Cryptocurrency news and analysis site CryptoPotato reported that Ethereum (ETH) may confirm a medium-term bullish reversal if it closes above its 100-day moving average (MA) of $3,342. ETH briefly dipped below its 200-day MA of $3,081 during the recent downturn but has since recovered and is exhibiting signs of a rebound. A sustained bounce could see it surpass the 100-day MA, potentially invalidating the recent lows as a bear trap. A successful close above the 100-day MA would likely set the next medium-term target at the yearly high of $4,000. On the four-hour chart, ETH is nearing a breakout of a descending trendline while forming a double bottom pattern, further bolstering its bullish prospects.

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