Ether, more commonly known as Ethereum, is the second largest cryptocurrency in the world. She could have become optimistic because of the initiation of the "Golden Cross" in the daily chart. Golden Cross, that is when the 50-day single moving average exceeds the 200-day moving average, indicating that the price has turned bullish and that cryptocurrency has reached its lowest level.
Historically, the last Ethereum Golden Cross took place in February 2017, while the ETH price was around $ 10; the price after this crossing has been reduced to $ 1,600, which represents a phenomenal increase of 15,000%. As optimistic as it may sound, this may not be the good news that the cryptography community is hoping for, because the "gold cross" is not absolute and cross-over may be a false. Cross falsifications had occurred for Bitcoin in 2014.
The weekly chart for Ethereum regularly has higher highs since 2019, which is a bullish indication. The MACD and RSI indicators both show a steady increase since 2019.
All aboard the "train of speculation"
If we expect a new meteoric rise in the crypto ecosystem, the price must undergo a parabolic rise. The price of Ethereum at the time of publication was $ 174 and its market capitalization was $ 18 billion; assuming an increase of about 10 000% [instead of the 15,000% rise], the price of Ethereum would reach about $ 8,000 by March 2020.
A Reddit @alkalinegs user commented:
"If you look at the last gold cross in early 2017, it took a few days before something happened. Death Cross 2018 even resulted in a bubble. -> do not expect an immediate reaction. "
Some people use exponential moving averages and disagree with the use of simple moving averages, which are the subject of an opinion. Another Reddit user, @DeliciousPayDay commented:
"I strongly disagree, SMA 200 is more important and everyone looks at it." After breaking the 200MA at $ 151 ETH, it went straight to $ 180 before being sold and immediately bounced back on the 200MA, transforming and the resistance in support.The 50/200 gold cross has just arrived on the SMA and the last time this happened, the ETH went from $ 12 to $ 1400. "
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