The 50 day moving average has overtaken the 200 day moving average on Coinbase and other major exchanges for the first time since March 2017 if we discount a brief bleep in May last year after the death cross.
The death cross is when the 200 days moving average overtakes 50 days, usually indicating a very bearish outlook.
Thus last May can perhaps be discounted because here there has only been a golden cross after more than a year since the bear market begun.
The long term bear trend has now given way to bulls as sentiment changes in ethereum and in cryptos generally.
That’s a month after bitcoin had its golden cross back in April at the price of circa $5,300.
Bitcoin jumped a bit on that golden cross, then dipped, then went off to rise to now circa $8,000.
While eth for now seems a bit stuck at $250 as it faces resistance at $300 at the same time as bitcoin is trying to overtake $8,700.
If they can do so, then there wouldn’t be much resistance thereafter with a clear road to, well, moon.eval(ez_write_tag([[336,280],'trustnodes_com-medrectangle-4','ezslot_1',169,'0']));
Meaning we might have some sideways here as bulls gather forces and call Spartan re-enforcement, or Goku’s friend, but you never know with crypto.
Some rest here however would probably be quite bullish if it can maintain these levels. Something which time alone will tell.