Chief Market Strategist Watching Possible W-Bottom Formation In Ethereum

According to a chief market strategist, Ethereum could form a possible w-bottom, an indicator that usually suggests a bull market. Strategist: Ethereum Might Form A “Higher High” In a call with MarketWatch, Matt Maley has said that ETH could be moving in a bullish direction if certain conditions are met. Maley is a chief market strategist at Tabak and Co., and during the call with MarketWatch, the strategist has talked about Bitcoin and Ethereum. According to Maley, the 200 Daily Moving Average (DMA) is an important level, breaking above which would be bullish for the crypto. At the moment, this value is around $2,141, something ETH has already broken. Ethereum could then go on to break $2,880, the same value as the high from late May-early June, to form an indicator called the “higher high”. The crypto has already formed “double bottoms” and a minor higher high. ETH only needs to form a more important higher high now. According to Maley, something like this would be “particularly bullish” for the cryptocurrency. However, one thing to note is that ETH is somewhat overbought right now, based on the Relative Strength Index, which is an indicator that measures the ratio of the recent losses to recent gains. Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase When ETH is said to be overbought, it means the cryptocurrency is believed to be trading...