Breaking free of this represents a change in trend... but not so fast. This doesn't necessarily mean the bull market for cryptos have begun, but it is definitely time to start considering buying your favorites. You'll have to make that decision for yourself.
We see an oversold condition on the , which shows low investor interest in Ethereum . Keep the in mind if you're the type to buy low and sell high.
We can also see that we have a cross of the 100 and 200 weekly MA. This represents extremely depressed prices and is typical during a mid to late cycle bear market. These moving averages are far removed from the current price and it shows how much upside potential there truly is for ETH. These moving averages will act as heavy resistance in this market.
What we need to keep in mind is the range that ETH is currently in. The upper end of the range is $205 while the lower end is $78. If you are playing Ethereum for dollars, consider selling into resistance at the upper end of this range and buying at the lower end. It's likely that we will bounce around these levels for months on end.
Accumulation ranges are what institutional-minded investors live for.