Ether, more commonly known as Ethereum, is the world's second-largest crypto-currency and may have become optimistic due to the beginning of the "Golden Cross" on the daily chart. Golden Cross, is when the simple 50-day moving average crosses above the simple 200-day moving average, which indicates that the price has become optimistic and that the cryptomaniac has reached the bottom.
Historically, the last Golden Cross of Ethereum occurred in February 2017, when the ETH price was approximately $ 10; the price after that cross was raised to $ 1,600, which was a meteoric high of 15,000%. As optimistic as it sounds, this may not be the good news the crypto community is expecting, since the "Golden Cross" is not absolute and there are times when the passage can be a fraud. Crossover fraud occurred for Bitcoin in 2014.
Ethereum's weekly chart has consistently formed higher highs since 2019, which is an optimistic indication. The MACD indicator and the RSI indicators indicate a steady increase since 2019.
All aboard the "Speculation Train"
If another meteoric increase is expected from the cryptographic ecosystem, the price has to undergo a parabolic increase. The price of Ethereum at the time of printing was $ 174 and had a market value of $ 18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], Ethereum's price would reach approximately $ 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. the cross-death 2018 even resulted in a bulltrap. -> Do not expect an immediate reaction.
Very few people use exponential moving averages and disagree with the use of simple moving averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented,
"After breaking the 200MA at $ 151, the ETH went straight to $ 180 before it was sold, and jumped directly from the 200MA the next day turning resistance The golden cross of 50/200 just happened at the SMA and the last time ETH happened it went from $ 12 to $ 1400. "
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