Quick take:
The weekend is once again upon us and the general crypto trade volume has once again declined. This is a pattern that many savvy crypto traders have come to accept as fact when analyzing their favorite charts for weekend trading. In the case of Ethereum (ETH), the trade volume has decreased a bit but there is a sense of optimism ahead as shall be elaborated below.
When we look at the 1-Day ETH/USDT chart courtesy of Tradingview.com, we realize that a Golden Cross has formed. This happens when the 50-day (white) Moving Average crosses the 200-day (green) Moving Average from the downside. The screenshot below gives a better visual cue of the situation on the ETH/USDT chart.
Further analyzing the chart, we observe the following:
The last-mentioned resistance zone of $228 is the area proving to be difficult for Ethereum ahead of the ETH2.0 launch in July. The Golden Cross on the daily chart might just provide the necessary bullish momentum for Ethereum to break this level before the launch in Q3 of 2020.
Additionally, the speculation that VISA might use Ethereum as the choice blockchain network for its digital fiat currency might provide additional bullish momentum for ETH in the coming days and/or weeks.
As with all Technical analyses, investors and traders are advised to institute risk management techniques such as stop losses.