Ethereum was trading almost 2 percent higher at one point on Tuesday, which caused the cryptocurrency to rise up above the April 16 high of $3,086.83, negating a downtrend pattern Ethereum had been trading in since April 3.
Although Ethereum will need to print a higher low above Monday’s low of $2,880, the crypto has made the first indication it may begin trading in an uptrend.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods. Traders can use moving averages to help identify an uptrend with rising lower timeframe moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term uptrend and rising longer-term moving averages (such as the 200-day simple moving average) indicating a long-term uptrend.
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