Since March 15, the Ethereum price movement has remained stable above the $1,750 price level. ETH has been fluctuating between $1,750 and $1,850. These price levels have remained unbroken for the past six days.
It is advantageous to the bulls as it is consolidating near the resistance at $2,000. On the upside, if a breakout occurs, the bulls will breach the $1,950 high and ETH will rally above $2,000 resistance. Similarly, if there is a price breakdown below $1,750, Ether will plunge to $1,450 low. The market will continue to be range-bound as long as the key price levels remain unbroken. Ethereum is trading at $1.827.80 at the time of writing.
Ether price has risen to level 56 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and has room to rally on the upside. The biggest altcoin is in the bullish trend zone as price remains above 21-day and 50-day SMAs. This guarantees an upward move.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
Ethereum has the propensity to rise as price is in the bullish trend zone. On March 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.272 Fibonacci extension or the high of $2,006.50 and reverse. Ether is likely to reverse at the recent high.
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.