Today, March 29, 2021, Ethereum (ETH) price rebounded above $1,700 support as bulls broke the $1,720 resistance.
Shortly, after the recent drawdown on March 25, the bulls bought the dips but the uptrend was interrupted at the resistance of $1,720. Nonetheless, after three days of correction below the resistance, the bulls broke the $1,720 high.
The biggest altcoin is on the rise. If buyers can push Ether above the $1,800 support, it will signal the resumption of the uptrend. The uptrend may face a minor resistance at $1.920 high. Nevertheless, the $2000 over head resistance can be retested if the bulls breach the minor resistance levels. Conversely, if Ether faces another rejection at the $1,920 resistance, the market will decline spontaneously. Meanwhile, Ethereum is trading at $1,781 at the time of writing.
ETH price is attempting to break above the 21-day SMA. A break above the SMAs will guarantee the upward move of the altcoin. The 21-day and 50-day SMA are sloping northward indicating the uptrend. The biggest altcoin is above the 40% range of the daily stochastic. It indicates that the market is in the bullish trend zone.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
ETH/USD is attempting to move on the upside but it is likely to face the minor resistance at $1,920. The Fibonacci analysis will hold if the recent resistance is breached. On March 9 uptrend; the altcoin rose to $1,873 high and was resisted. The retraced candle body tested the 78.6% Fibonacci retracement level. This implies that Ether will rise and reverse at level 1.272 Fibonacci extension. That is the high of $1,991.13
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.