We noticed that the last rally in Ethereum (ETH) back in late October produced an important event. The 21-DMA (green) crossed above the 50-DMA (red). And then, as you know, Ethereum (ETH) fell into the hopelessly dull range.
As it turns out, this range may be a constructive development. Visually, this range looks similar to the last time the 21-day crossed above the 50-day and stayed above the 50-DMA . That was back in March and April. In that case, Ethereum (ETH) range traded for almost 40 days before the take-off in early April. If that scenario repeats itself, then December 12 would be the target date for the start of a move higher in Ethereum (ETH).
Bottom Line: Considering the listless nature of the range trade, we were grateful to find this analytical nugget. The range in Ethereum (ETH) could be a good thing. Bulls may have to bide their time.
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